After the sudden death of the patriarch Logan RoyBrian Cox and be equally shocking funeral, the Roy kids are back in the family business. In the fifth episode of this fourth (and final) season of successorthe Roys headed to Norway to meet with GoJo’s CEO Lukas Matsson (Alexander Skarsgård) to finalize the deal once and for all.
There’s a fair amount of numbers and stock talk thrown around between the typical insults, bickering, and babygirl villains, but fret not. We’re here to break down the GoJo deal in really simple terms and explain what the ending of Episode 5 really means for Kendall and Roman (Kieran Culkin).
What was Logan’s original deal?
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Season 3 of successor began with Waystar Royco planning to buy GoJo, a booming tech company that would modernize Waystar. Logan and Roman were particularly interested in GoJo because the acquisition would help Waystar enter the streaming market by revamping their StarGo streaming service. It’s a bit like if Walt Disney decided to buy YouTube to make it Disney+.
The plan eventually changes, with an option for a potential merger initially on the table, but that’s then scratched out as to when Matsson instead offers to buy Waystar. Logan likes the idea and agrees to the deal that would see GoJo buy Waystar and its subdivisions, including Parks and Cruises, Waystar Studios (their production company), and StarGo. However, the ATN news agency would do so not be included in the deal and remain owned by Logan. Long story short, Logan keeps ATN, Matsson takes everything else, leaving Logan with a huge cash settlement.
Earlier in Season 4 we watched Logan try Gather the troops at ATN, where he expresses that his passion has always been news and that he is willing to dedicate himself to repairing ATN. But the GoJo deal (and the future of ATN) hits a snag when the Children decide to collect the board to vote against the deal, arguing that Matsson’s cash compensation is insufficient. We know Kendall, Roman, and Shiv (Sarah Snook) were just out to prank their dad, but their power play backfires when Logan boards a plane to see Matsson and, well, dies instead.
What is the new GoJo deal?
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Logan’s death changes the entire playing field, with Waystar’s stock falling 20% after his death and only recovering 10% of that thereafter Kendall and Roman were announced as co-CEOs. As Matsson aptly points out in episode 5, why would he pay more to buy something that’s on sale right now? So he proposes a new deal. Instead of paying more for Logan’s original deal – let’s call it Waystar standard – he proposes to buy Waystar And ATN for $187 billion. Think of it as the Waystar Deluxe package.
In this new deal, Matsson would essentially own all of Waystar. Of course it’s a big decision for the kids who wouldn’t just give up ATN, their dad’s favourite child, but rather his entire legacy, which they’ve desperately tried to be a part of since Season 1. Kendall and Roman struggle to find a counteroffer that at one point involves walking out on the deal — meaning they’d remain CEOs until further notice (wouldn’t Kendall love that?) — but eventually they get caught in a huge one Fight with Matsson, in which Roman pours out his heart.
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While Roman believes their fight has ruined any chance of the deal, he does exactly the opposite, with Matsson bumping the price up to a whopping $192 billion. The Roys have no choice but to agree. At the start of Episode 5, they were willing to settle for anything between $144 billion and $146 billion, and that sharp $192 billion adds a whopping $50 billion to their bank accounts. Sure, these feel like silly little numbers on a screen, but a casual extra $50 billion is a sum of money I can’t even calculate.
So, what’s the current status of the GoJo deal? Well, Matsson is officially ready to buy Waystar, its subsidiaries, And ATN for $192 billion and already planning its takeover through downsizing. Shiv is excited about the news while Kendall and Roman look depressed as ever.
What will happen next?
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successor loves a plot twist, so there’s a chance that Kendall and Roman won’t agree to this new deal. It’s hard to imagine why they wouldn’t, but Episode 5 also sets the stage for the upcoming presidential election in which ATN could play a major role. Kendall and Roman both express concerns about a European takeover of what is essentially an American news agency, fearing that it could tarnish ATN’s “credibility” with its “ride-or-die” Fox-like audience.
ATN’s involvement in the upcoming election could mean the guys will still try to maintain some control over the news network by any means necessary. There’s also Pierce Global Media’s elephant in the room — keep that in mind the bidding war the kids get into in the first episode of season 4? While Logan initially wanted to Buying Pierce so he could merge it with ATN, which made him the sole owner of a huge news conglomerate, the kids were bidding top on PGM, literally for shit and giggles. It’s a bit ambiguous as to what has happened to PGM since then; If they successfully acquire Pierce, it’s unclear if it will be under their sole control or if it will be merged with ATN and owned by Matsson The act.
If Pierce joins Matsson, he’d be the exclusive owner of two of the biggest news outlets in America, right on the precipice of a high-stakes election, which means only one thing – the shit is about to blow up. It’s hard to tell if the new GoJo deal will be a huge win for the Roys…or a crushing loss.
Season 4 of successor now streaming on HBO Max. (opens in a new tab)