Spoiler Alert: This recap includes spoilers for Season 4, Episode 5 of “Succession,” now streaming on HBO Max.
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A new chapter begins at Waystar Royco as the recently appointed co-CEOs, Kendall (Jeremy Strong) and Roman (Kieran Culkin), assemble in their late father’s office to strategize for a meeting with Norwegian tech billionaire Lukas Matsson (Alexander Skarsgård).
you are watching: ‘Succession’ Recap: What’s the Deal With the GoJo Deal?
Wary of their positions following the GoJo merger and potentially uneasy about the Roy siblings’ competence to seal the deal, Gerri (J. Smith Cameron), Karl (David Rasche), and Frank (Peter Friedman) make their unsolicited advice abundantly available. Meanwhile, Shiv (Sarah Snook) is noticeably absent from the war room.
Throughout the episode, it becomes increasingly evident that Shiv, who had agreed to support her brothers’ takeover of the company in exchange for equal influence, is finding herself marginalized from the inner circle, despite Kendall and Roman’s (initially) genuine intentions.
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But the Roy siblings are never completely forthcoming with each other. Even at the beginning of the season, with the Roy kids uniting against Logan (Brian Cox), Kendall withheld information that Matsson might back out of the deal, as Roman privately drifted back towards his father. Now, Kendall has struck a private deal with Hugo (Fisher Stevens) to plant negative stories about Logan in the media to enhance their credibility as co-CEOs—an approach that previously unsettled Roman. Despite Logan’s unexpected demise in Episode 3 setting the stage for a promising alliance between Kendall, Roman, and Shiv, the wheels of this tricycle are starting to wobble.
When the Roy family and Waystar’s senior leadership arrive in Norway to renegotiate the GoJo merger, they find themselves face to face with their Nordic counterparts at a surprise brunch buffet. Despite being younger and fitter, Gerri points out that the European execs can’t match up to the hardened, wolf-raised Waystar warriors of American capitalism. Nevertheless, tension rises as top brass discuss the low employee retention rate of Matsson’s last acquisition. The sharks are circling.
Matsson arrives and takes Kendall and Roman to a conference room with a breathtaking view. They dive right in: Kendall and Roman believe Waystar is worth more than Matsson’s previous offer of $144 per share. However, highlighting the stock drop post-Logan’s death, the GoJo CEO argues that he paid a higher price after intending to take advantage of a sale. Additionally, he wants to include ATN (Waystar’s Fox News-like TV channel) in the deal, despite Logan declaring it off-limits. For the entire package, Matsson is willing to pay $187 per share, a figure that the Waystar executive team finds quite satisfying. Although Roman is hesitant to sell their father’s cherished possession, Shiv suggests that an old sweater would be a “less racist” keepsake.
Everything appears to be sailing smoothly in Waystarland until Kendall has a radical idea: What if they torpedo the deal altogether? Kendall, who has harbored dreams of leading his father’s company since Episode 1 of “Succession,” clearly desires his chance at the helm and disagrees with Matsson’s vision for Waystar, which he derisively refers to as a “parts shop” in an earlier awkward conversation. On the flip side, Roman can’t let go of the fact that the GoJo chief compelled him and his siblings to fly halfway across the world just two days after their father’s death.
So, without consulting Shiv, Kendall and Roman decide to undermine the GoJo deal. Shiv, on a solo mission with Matsson, discovers a peculiar secret: he was romantically involved with GoJo’s head of communications, a young woman named Ebba. However, he severed ties with her after sending her half a liter of his blood weekly—first as a joke, then not as a joke, then again as a joke. Shiv advises him to increase whatever he’s paying her by tenfold, as once the merger is complete, the American press will scrutinize him. Matsson compliments Shiv, likening her to her father and noting her ability to take a joke. It’s Buttering Up a Roy Child 101.
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The following day, things take a turn between the brothers, who are discussing business on a mountaintop. When Matsson realizes Kendall and Roman are attempting to sabotage the deal, Roman, overwhelmed by emotions, confesses the truth: they despise Matsson and are willing to do whatever it takes to prevent him from taking over Waystar, even if it costs them hundreds of millions of dollars. Realizing he might have just committed an SEC violation, Roman tries to backtrack, labeling his disclosure as a “negotiating tactic.” Now, it’s officially a clash of egos.
During the plane ride home, Matsson calls Frank and raises the offer to $192 per share. Everyone celebrates except Kendall and Roman, and Matsson requests Shiv to send him a photo of their reactions. While Shiv believes her maneuvering contributed to the increased offer, it’s more likely a result of Matsson’s spite towards her brothers. Only now, with Kendall and Roman refusing to sell to him, is the GoJo CEO interested in paying a premium price for this “parts shop.” With a hostile takeover looming, Matsson is toying with the same move Kendall attempted in Season 1 to acquire Waystar.
Inebriated on misplaced power, Shiv appears more drawn to Tom than ever, granting him permission to fire ATN boss Cyd (Jeannie Berlin). Their interaction, full of sexual tension, follows a bizarre spat in Norway where Tom describes Shiv’s earlobes as “thick” and “chewy like barnacle meat,” and Shiv tells Tom he’s narrow-framed like a “spelunker.”
Amid the celebration of Waystar’s senior leadership over the elevated offer, the atmosphere turns tense when Gerri acquires a leaked “kill list” detailing top executives Matsson intends to terminate. Gerri, Tom, and Karolina (Dagmara Domińczyk) find themselves in the clear, but Ray (Patch Darragh), Mark (Zack Robidas), Hugo, Frank, and Karl face an uncertain fate.
Stay tuned for the next episode of “Survivor”…
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