‘Succession’ finale live updates: Who takes over Waystar Royco?

The series finale of “Succession” is airing now on HBO and Max. Here’s what you need to know and questions the series has left to answer:

Read our coverage of “Succession” | Logan Roy dies | Sarah Snook on the final season

‘Succession’ comes to an end after four seasons

Willa (Justine Lupe), left, with the Roy siblings in Season 4, Episode 9 of “Succession”: Connor (Alan Ruck), Roman (Kieran Culkin), Kendall (Jeremy Strong), and Siobhan (Sarah Snook).

(Macall Polay / HBO)

“Succession” heads, the end is near.

After four seasons, we may finally learn who will take control of Waystar Royco, the media conglomerate founded by Logan Roy (Brian Cox), whose untimely death left a gaping leadership hole just as he was about to finalize a deal to sell his empire (well, except his beloved news channel, ATN) to Lukas Matsson (Alexander Skarsgård) and GoJo. While Logan’s death was the most dramatic moment this season, there have been numerous revelations that appear to be bread crumbs about where the characters and company are headed.

So far in the finale episode, we’ve seen Matsson offer the U.S. CEO job to Tom Wambsgans (Matthew Macfadyen), Siobhan “Shiv” Roy’s (Sarah Snook) husband. Cousin Greg, always on the lookout for himself, alerts Kendall to the news, which he shares with Shiv and Roman. Shiv, who has been gunning for the position, doesn’t take the news well.

Throughout the series, Logan’s children jockeyed for control of the company. But so did numerous other players in the orbit of the organization, including: Tom, the chairman of broadcast news at ATN and Shiv’s husband; Gerri Kellman (J. Smith-Cameron), the general counsel of the company, who at one point served as interim CEO; Frank Vernon (Peter Friedman), the chief operating officer; Karl Muller (David Rasche), the chief financial officer; and Greg Hirsch (Nicholas Braun), Logan’s great-nephew and family whipping boy. And that’s just the short list.

Connor Roy (Alan Ruck), despite being the eldest son, showed, at best, passing interest in the company, and was instead focused on a long-shot presidential bid that ultimately went nowhere — except maybe for establishing Conheads, his legion of followers.

Just before his death, Logan, on the night before Connor’s wedding to Willa Ferreyra (Justine Lupe), tells his children he doesn’t think they are fit for the job and instead believes selling the company is the best outcome for all. Kendall, Roman and Shiv certainly don’t see it that way. So who will lead Waystar Royco? Will Matsson acquire the company after all, or will Jeryd Mencken (Justin Kirk) put a stop to it? And what effect will it all have on Tom and Shiv’s marriage?

Earlier this year, Jesse Armstrong, the creator of the series, revealed that Season 4 would be the last. “I’ve never thought this could go on forever. The end has always been kind of present in my mind,” he told the New Yorker. The series finale of the acclaimed HBO drama has begun and is also streaming on the newly rebranded Max.

— Maira Garcia

Who succeeds Logan Roy as the head of Waystar Royco?

Logan Roy (Brian Cox) in Season 4, Episode 2, just before his death.

(Macall B. Polay / HBO)

Logan Roy took a modest family-run printing business and built it into Waystar Royco, one of the largest media and entertainment conglomerates in the world.

Logan’s death came at an inopportune moment for the Roys: The formidable chief executive collapsed while en route to Sweden to finalize the terms of a deal for tech giant GoJo to acquire Waystar Royco, and was estranged from his adult children at the time.

His demise left the company, already rocked by scandal and internal power struggles, without a clear successor.

An undated document found in Logan’s files appeared to name his son Kendall as CEO, but he and his brother Roman agreed to share the role until the GoJo sale was completed.

Driven, as ever, by a need to prove themselves worthy of their father’s legacy, the brothers have been secretly maneuvering to kill the deal so they can retain the Waystar empire themselves. They even push ATN to call the presidential election for fascist Republican candidate Jaryd Mencken, because he signals a willingness to block the sale.

Meanwhile Shiv, pushed out by her brothers, forms a covert alliance with Lukas Mattson, GoJo’s mercurial CEO, to achieve the opposite goal: pushing the deal through.

So who will claim the media-world equivalent of the Iron Throne?

After four seasons of humiliation and struggle, Kendall the prodigal son is now ascendant and probably in the best position of all the siblings to assume the throne. At Logan’s funeral, he stepped in, after Roman broke down, to deliver a stirring impromptu eulogy that championed his father’s rapacious business vision — exhibiting grace under fire in front of the very people who will determine Waystar’s future.

In the series’ home stretch, he has heartily embraced his inner Logan, asking Hugo to help plant stories saying the board is souring on the Gojo acquisition and telling Roman they need to team up against their sister — “The Roy Boys versus Shiv the Shiv.”

But there are still things that could hinder Kendall’s rise, like concern over what a Mencken presidency would mean for his daughter, who is not white. There’s also the small matter of that waiter he accidentally killed at Shiv’s wedding — a dark secret that Shiv, Roman and Colin (Scott Nicholson), Logan’s security guard, know about.

Roman, a.k.a. the Grim Weeper, is in a weaker position than ever, having committed the cardinal sin of appearing vulnerable in front of the wrong people when he totally lost it at Logan’s funeral.

Shiv may possess greater political acumen than her brothers, but she has little experience working on the inside of the company. She’s also a woman — and a pregnant one at that. Even as she jokes about taking a 36-hour maternity leave, it seems hard to believe a misogynist creep like Mattson would willingly hand her the reins.

Gerri Kellman, Waystar’s hyper-competent former general counsel, could certainly do the job and she briefly served as interim CEO. But ever since Roman fired her out of spite, it’s hard to imagine her returning to Waystar’s toxic waters.

That leaves one very strong candidate: Shiv’s estranged husband, Tom Wambsgans. (Sorry, Greg stans.) He’s the father of Logan’s unborn grandchild, so his ascent to CEO would keep the line of succession in the family.

He’s also run three divisions of the company — including ATN, the jewel in the Waystar crown — was one of Logan’s most trusted allies and displayed a willingness to do anything to get ahead, including betraying his own wife.

There’s no doubt he’d do it again if it meant becoming CEO.

In Sunday’s finale, Shiv and Kendall scramble to consolidate their support with the board. Shiv appears to have the votes to push the GoJo deal through while Kendall is short. They separately fly to the Caribbean to chase down Roman, who’s recuperating at Caroline’s villa after getting assaulted during the protests.

Meanwhile Mattson meets with Tom, who thinks he’s interviewing to keep his job at ATN and gives his elevator pitch. “I have a high tolerance for pain and physical discomfort,” he says.

But Mattson surprises him with a crude confession: He’s too attracted to Shiv to make her CEO and would like Tom to take the job. As he puts it, “If I could get anyone in the world, why don’t I get the guy who put the baby inside her. Instead of the baby lady?” Tom seems open to stealing the job from his wife.

Thanks to Greg’s timely deployment of Google Translate, word quickly gets back to Shiv that Mattson is considering other options for the CEO gig. The Roy siblings decide to unite against the deal, and argue about who should be their chief executive; they each share they were promised the job by Logan at different times. Kendall insists he’s the only plausible candidate: Shiv was too vocal in her support for Mattson, while Roman “lacks heft.” After some conversation on a moonlit beach, Shiv and Roman decide Kendall is right. They swim out to a floating dock to deliver the news.

“You can smile, bitch,” says Shiv.

— Meredith Blake

Does Tom and Shiv’s marriage survive?

Tom (Matthew Macfadyen) and Shiv (Sarah Snook) during a tense argument in Season 4, Episode 7 of “Succession.”

(David M. Russell / HBO)

Over the course of the series, the relationship between Siobhan Roy and Tom Wambsgans has taken several turns: We see them get married, dabble with an open marriage — Shiv’s idea, not Tom’s — and then fracture. Sick of being constantly humiliated, Tom betrays Shiv at the end of Season 3, tipping off Logan about the Roy siblings’ plan to unite and stop the GoJo deal. “He does the one thing she believes he could never do, because he would never have the guts or courage,” Snook told The Times.

Their uniquely twisted relationship has become a focal point of the show’s final season. Tom and Shiv were separated and bracing for a cutthroat, “War of the Roses”-style divorce. Then Logan died. Tom, who was with Logan aboard the plane when he collapsed, called her and relayed the news to her lovingly (even calling her “honey”).

The tenderness of the moment seemed to rekindle their connection, as did a round of a kinky game called “bitey” at a Hollywood house party. (So romantic!) The couple briefly reconciled, enjoyed lots of make-up sex and even had an illuminating conversation about last season’s Great Betrayal, but Shiv continued to conceal the fact that she was pregnant. And Tom, the master of passive-aggression, gave Shiv a glass-encased scorpion as a gift (again: so romantic!).

Tensions between the couple exploded into a blistering argument during an election eve party at their apartment. Tom, once again humiliated publicly by his wife, tells Shiv she is incapable of love and is “not a good person to have children.” Perhaps worst of all, he implies she is responsible for Logan’s death (ouch). Shiv fires back by calling him servile and suggesting he only wanted her for her DNA.

On election night, Shiv attempts to apologize and finally tells Tom she is pregnant. He wonders if she’s even telling the truth — or just deploying another tactic.

As nasty as these two have been to each other, a long-term reconciliation isn’t out of the question; at Logan’s funeral, Shiv tells a sleep-deprived Tom he can stay at their apartment for the night. It’s a faint gesture of kindness that suggests she’s open to making things work, somehow.

That is, unless Tom betrays her yet again in order to score the CEO job.

In the finale, “WIth Open Eyes,” the role-reversal in their relationship is complete. En route to the Caribbean to chase down Roman on the eve of the board vote on the GoJo deal, Shiv calls Tom and makes an awkward sales pitch to save their marriage. “Once you’ve said and done the worst things, you’re kind of free,” she says. “Are you interested in a real relationship?” Tom replies, “I just don’t know.” While Shiv and Tom seemed aligned on business — she’s committed to helping him keep his job at ATN — their relationship remains more complicated.

— Meredith Blake

What Jeryd Mencken’s election means for the Roys (and everyone else)

Lukas Matsson (Alexander Skarsgård), left, and Shiv (Sarah Snook) try to convince Jeryd Mencken (Justin Kirk) to allow the GoJo acquisition to proceed in “Succession” Season 4, Episode 9.

(Macall Polay / HBO)

In the final scenes of Episode 9, we saw Roman Roy (Kieran Culkin) break down and sob while trying to deliver a eulogy at his father’s funeral. Such a show of emotion caused presidential hopeful Jeryd Mencken (Justin Kirk), the ultra-right candidate with racist, authoritarian tendencies, to refer to Roman as The Grim Weeper and Tiny Tears.

Roman walked onto the streets of NYC, which were full of marchers who were angry about ATN calling the election for Mencken. He screamed at the demonstrators, pushing back against the crowd, until he was smacked down by the angry protestors, aka disgusting little people. Sadly, he survived the ordeal.

To say that things are tense is an understatement. Since ATN, the Fox News-like network owned by the Roys, called the election for Mencken, the atmosphere outside of the immediate Waystar-Roy circle has been dark. Rava (Natalie Gold), Kendall Roy’s (Jeremy Strong) ex-wife, fled the city with their children after their daughter was racially targeted. Tom (Matthew MacFayden) hasn’t slept in days, working away at ATN as the election news cycle grinds on. But for the Roy siblings, it’s been a series of not-so-casual check-ins and chats with the presumed future president about the future of ATN, Waystar Royco and the GoJo deal. Even Shiv (Sarah Snook), the progressive among the group, was willing to make a deal with the devil if it meant she and GoJo’s Lukas Matsson (Alexander Skarsgård) could prevail over Kendall and Roman.

This episode should reveal Mencken’s intentions for the company and the country.

— Lorraine Ali

Matsson and GoJo have problems that could go public

Alexander Skarsgård as Lukas Matsson in “Succession.”

(Graeme Hunter / HBO)

Most viewers may not always understand the business speak on “Succession,” but the current deal in play between Waystar Royco and the tech streaming giant GoJo has been a crucial driver of the tension this season. To recap: In Season 3, Logan Roy was set on buying the booming tech company as a way to bring his legacy media company more fully into the modern age and to help it get a hold in the streaming market by revamping its lackluster streaming service, StarGo. But the deal shifts, and Logan agrees to sell Waystar to GoJo head Lukas Matsson, except for ATN. It means the Roy family would receive a hefty cash settlement. When the Roy siblings attempt to rally the board to vote against the deal because they feel the money isn’t enough, Logan gets on a plane to see Matsson and dies en route.

Heading into the finale, Matsson is now set on buying Waystar, its subsidiaries and ATN and is already configuring his takeover with the help of Shiv, who has been on a solo mission to help Matsson succeed in hopes of becoming U.S. CEO. Meanwhile, Kendall and Roman are scrambling to get the deal tanked and save a semblance of their father’s legacy.

Adding to the stress of the deal is Matsson himself. He is a mercurial character with an approach to leadership and business that makes him a walking HR case. He confessed to Shiv that he’d been sending pints of blood (half a liter of frozen blood bricks, to be exact) to an ex, Ebba (Eili Harboe), who is the head of communications for his company. That same ex is how Kendall and Roman found out that Matsson inflated his subscriber numbers in India. If the numbers become public knowledge, it will tank GoJo’s value and threaten the deal.

In a fitting bookend to the series premiere, the finale is charged by a high-pressure board vote around the GoJo deal where every moment feels high stakes. Just as Kendall was working to secure enough votes to thwart the deal, news that Matsson wasn’t actually serious about installing Shiv as U.S. CEO is enough to get the siblings back on the same team to vote as a block to keep the firm together.

— Yvonne Villarreal

How will Greg, Marcia, Gerri and other players fare?

Peter Friedman as Frank Vernon, from left, J. Smith-Cameron as Gerri Kellman and David Rasche as Karl Muller in “Succession.”

(Graeme Hunter/HBO)

Viewers may be more zeroed in on the outcomes for Kendall, Roman and Shiv, but the fate of key players in Logan Roy’s orbit are as compelling.

Marcia Roy (Hiam Abbass), Logan’s estranged wife, has demonstrated she can be a powerful negotiator by nearly securing major voting power on the Waystar board and maintaining the benefits of a marriage even after parting with Logan. After a noticeable disappearance, she returned into the fold following Logan’s death, ready to stake her claim, saying that she and Logan were in constant contact. She’s already sold the home she shared with Logan to Connor for $63 million and stands to inherit a lot, but there could be more in the cards for the steely figure. Doesn’t her son know something about Kendall’s “incident” during Shiv’s wedding?

Connor Roy, our favorite black sheep of the family, has had political ambitions that have defined much of his character’s arc throughout the show’s run, so much so that he was more interested in running for president of the United States than competing with his half-siblings to take over the family’s company. On the eve of the election, he refused a deal with rival far-right candidate Jeryd Mencken to drop out of the election race, in an effort to shore up the small percentage of possible Roy votes, in exchange for a diplomatic job in Europe. And as everyone predicted, he didn’t come close to winning the election.

Cousin Greg is the great nephew of Logan who moved to New York in an attempt to secure a position within the Roy media empire. He made his debut barfing in a theme park mascot costume, but he’s proved to be more cunning than his bumbling persona lets on, climbing the Waystar Royco ladder by obediently doing the dirty work of other people, namely Tom. Now, Greg is setting his sights on transferring that status and devotion to potential buyer Lukas Matsson. But after he savvily uses his phone to translate a discussion Matsson is having in Swedish with his cohort about not naming Shiv as U.S. CEO, Greg uses that intel to position himself with Kendall, who breaks the news to his sister and brings her back into his fold to block the deal. When Tom, who is now Matsson’s front runner, suspects that Greg tipped off the siblings, the two come to blows in the bathroom of Logan’s estate.

Ewan Roy (James Cromwell), Greg’s grandfather and Logan’s estranged older brother, despised what his “morally bankrupt” little brother stood for and wrought. Still, despite being ethically opposed to Logan’s legacy, he remains on the board of Waystar Royco.

Meanwhile, the show’s “emperor penguins,” as Roman Roy sourly refers to them, have been through it all (and seen it all too) as members of Logan‘s inner circle for decades. There’s Gerri Kellman, the firm’s sharp and crafty general counsel who has a knack for being irrationally fired, and then re-hired; Karl Muller, the Waystar Royco chief financial officer; and his partner-in-crime Frank Vernon, the on-again, off-again and on-again company vice chairman and chief operating officer who is often the voice of reason in the most chaotic moments. The trio have endured and adapted to the turmoil and shake-ups typical in the media business world as dutiful and trusted advisors to their tyrannical boss. But in the wake of Logan’s death, their futures have been dangling as they’ve watched key players attempt to shuffle the deck at Waystar Royco.

In the outer-inner circle are Karolina Novotney (Dagmara Dominczyk), the composed and strategic head of PR, and Hugo Baker (Fisher Stevens), the unscrupulous communications executive, both of whom have had the challenging task of spinning and managing Waystar Royco’s affairs. But with Hugo on GoJo’s “kill list” and Karolina safe from it, their loyalties have shifted. In Episode 9, Hugo was ready to do his part to blow up the GoJo deal as Kendall’s obedient minion, especially after confiding to Kendall about his insider trader snafu with his estranged daughter: “You’ll be my dog, but the scraps from the table will be millions,” Kendall says to entice Hugo. “Woof, woof,” Hugo replies.

—Yvonne Villarreal