‘Succession’ Season 4, episode 5: The GoJo deal defined

Following the sudden demise of patriarch Logan Roy (Brian Cox) and his equally stunning funeral, the Roy youngsters are again within the household enterprise. Within the fifth episode of this fourth (and final) season of Succession, the Roys have made their solution to Norway to satisfy up with GoJo’s CEO Lukas Matsson (Alexander Skarsgård) in an try and safe the deal as soon as and for all.

There’s an entire lot of numbers and inventory speak being thrown round, in between the everyday insults, bickering, and babygirl villainy, however don’t fret. We’re right here to interrupt down the GoJo deal in actually easy phrases and what episode 5’s ending actually means for Kendall and Roman (Kieran Culkin). 

What was Logan’s authentic deal? 

Season 3 of Succession kicked off with Waystar Royco planning to purchase GoJo, a booming tech firm that’d assist modernize Waystar. Logan and Roman had been significantly fascinated about GoJo as a result of the acquisition would assist Waystar enter the streaming market by revamping their streaming service, StarGo. It’s sort of like if Walt Disney determined to purchase YouTube to make Disney+. 

The plan finally adjustments, with their first being an possibility for a possible merger on the desk, however then that’s scratched out when Matsson affords to purchase Waystar as a substitute. Logan likes the concept and agrees to the deal that’d see GoJo shopping for Waystar and its subdivisions, together with parks and cruises, Waystar Studios (their manufacturing firm), and StarGo. Information outlet ATN, nevertheless, would not be included within the deal and would keep beneath Logan’s possession. Lengthy story brief: Logan retains ATN, Matsson takes every part else and leaves Logan with an enormous money settlement. 

Earlier in Season 4, we watched Logan try and rally the troops at ATN, the place he expresses that his ardour has all the time been information and that he’s able to dedicate himself to fixing ATN. However the cope with GoJo (and the way forward for ATN) hits a roadblock when the youngsters resolve to rally the board to vote towards the deal, arguing that Matsson’s money settlement isn’t sufficient. We all know Kendall, Roman, and Shiv (Sarah Snook) had been simply hellbent on screwing their dad over, however their energy play backfires when Logan will get on a airplane to see Matsson and, effectively, dies as a substitute. 

What’s the new GoJo deal? 

Credit score: Graeme Hunter/HBO

Logan’s demise adjustments the entire enjoying area, with Waystar’s inventory dropping by 20% after his passing and regaining solely 10% of it after Kendall and Roman had been introduced as co-CEOs. As Matsson aptly factors out in episode 5, why would he pay extra to purchase one thing that’s presently on sale? So he suggests a brand new deal. Somewhat than paying extra for Logan’s authentic deal — let’s name it Waystar customary — he suggests shopping for Waystar and ATN for $187 billion. Consider it because the Waystar deluxe package deal. 

On this new deal, Matsson would primarily personal all of Waystar. Naturally, it’s an enormous determination for the children who’d not solely be giving up ATN, their dad’s favourite youngster, however his total legacy, which they’ve been desperately making an attempt to be part of since Season 1. Kendall and Roman scramble to discover a counter-offer, which at one level contains tanking the deal — that means they’d keep CEOs till additional discover (wouldn’t Kendall love that?) — however finally they get into an enormous battle with Matsson the place Roman pours his coronary heart out. 

Whereas Roman thinks their battle obliterated any likelihood for the deal, it does the precise reverse, with Matsson bumping up the value to a whopping $192 billion. The Roys haven’t any different possibility however to agree. Firstly of episode 5, they had been able to accept something between $144 to $146 billion, and that spicy $192 billion provides an entire additional $50 billion to their financial institution accounts. Positive, these really feel like foolish little numbers on a display screen, however an informal additional $50 billion is a sum of cash I can’t even compute. 

So, what’s the state of the GoJo deal now? Effectively, Matsson is formally set to purchase Waystar, its subsidiaries, and ATN for $192 billion, and is already planning his takeover by employment cuts. Shiv is thrilled by the information, whereas Kendall and Roman look depressed as ever. 

What’s going to occur subsequent? 

Credit score: David Russell/HBO

Succession loves a plot twist, so there’s an opportunity that Kendall and Roman may not conform to this new deal. It’s onerous to think about why they wouldn’t, however episode 5 additionally units up the upcoming presidential election, which ATN may have a serious position in. Kendall and Roman each voice their apprehension in direction of a European taking up an intrinsically American information outlet, fearing that he may tank ATN’s “credibility” with its ride-or-die, Fox-esque viewers. 

ATN’s involvement within the upcoming election may imply that the boys will nonetheless attempt to keep some management over the information community by any means mandatory. There’s additionally the Pierce International Media elephant within the room — keep in mind the bidding warfare the children get into in Season 4’s first episode? Whereas Logan initially had wished to purchase Pierce so he may merge it with ATN, rendering him the only real proprietor of 1 huge information conglomerate, the children made the very best bid for PGM for, fairly actually, shits and giggles. It’s somewhat bit ambiguous what, if something, has occurred with PGM since then; if they’ve efficiently acquired Pierce, it’s unclear if it is going to be beneath their sole management or if it is going to be merged with ATN in any case, thereby going to Matsson as a part of that deal.

If Pierce does go to Matsson, he’d be the unique proprietor of two of the most important information retailers in America, proper on the precipice of a high-stakes election, which suggests solely one factor — shit’s about to go down. It’s onerous to inform whether or not or not the brand new GoJo deal will likely be an enormous win for the Roys…or a crushing loss. 

Season 4 of Succession is now streaming on HBO Max. (opens in a brand new tab)