S4E1 · The Munsters

Six months after being cut out of GoJo's acquisition of Waystar RoyCo by Logan, Kendall, Shiv and Roman are prepared to resign from the company and are in Los Angeles to meet investors for their proposed new media brand, "The Hundred". Shiv gets a call from Tom—from whom she is now on trial separation —saying he just met with Naomi Pierce. The siblings realize that Logan is again attempting to buy Pierce Global Media (PGM); both Kendall and Shiv are immediately in favor of abandoning The Hundred to launch a rival bid, while Roman is initially apprehensive, suggesting the two are driven by their vendettas against Logan and Tom respectively. The three eventually resolve to make an offer to the Pierces.

Logan, meanwhile, is in New York celebrating his birthday at his home, 48 hours away from completing the GoJo acquisition. Connor is the only one of his children present, his presidential campaign polling at 1 percent. Tom informs Logan that the Pierces are interested in a deal, and unsuccessfully asks Logan for assurances about his position at Waystar should he and Shiv divorce. Logan, fed up with the party, leaves to get dinner with his bodyguard Colin, where he ruminates on the economic value of people, mortality, and the possibility of an afterlife. He later returns to his apartment and summons Tom and the rest of his senior cadre to his study to finalize the deal with the Pierces; Karl informs him that his children have launched a competing bid.

The siblings travel to Nan Pierce's California estate and are greeted by Naomi, whose relationship with Kendall has ended. Nan claims to be indecisive about whose offer to take, torn between her distaste for Logan and PGM's urgency for stable financing amidst its waning public support. Roman realizes she is angling for them to make a higher bid than Logan. The siblings go outside to deliberate, while Logan lowballs the Pierces with a $6 billion offer. The siblings, meanwhile, offer $8 billion, but are told by Naomi that Nan still wants more "upside". Unable to reach Logan directly, Shiv calls Tom and goads him into admitting that Logan's price ceiling is $12 billion, the same as theirs. The siblings decide on $10 billion, knowing Nan cannot refuse the offer. Nan ultimately accepts, forcing Logan to concede.

Shiv returns to her New York apartment to retrieve her clothes and is surprised to see Tom there. Though the two remain emotionally distant, Tom expresses his desire to have a conversation about what went wrong in their marriage before they separate. Shiv, however, insists on going through with a divorce as painlessly as possible. Meanwhile, a dejected Logan watches ATN's nightly news broadcast alone, and calls network head Cyd Peach to lambaste her over the quality of its content.