Succession Season 4 Episode 5 Recap: A Trip to Norway

Image Credit: Graeme Hunter/HBO

In HBO’s ‘Succession‘ season 4 episode 5, titled ‘Kill List,’ Kendall and Roman face their first major challenge as CEOs when they are tasked with finalizing Waystar’s sale during a retreat in Norway with Lucas Matsson and his team. Following their father’s death, Roman and Kendall find it difficult to deal with Matsson and his demands. Meanwhile, Shiv deals with being sidelined by her brothers and contemplates revealing some big news to Tom. However, by the fifth episode’s end, Kendall and Roman are left contemplating whether they get the deal they want or are being tricked by Matsson. SPOILERS AHEAD!

Succession Season 4 Episode 5 Recap

The fifth episode, titled ‘Kill List,’ opes with Kendall making his triumphant return to the offices of Waystar RoyCo. He is greeted by the staff with applause and meets with Roman to discuss company matters. One of the tentpole films being produced by Waystar Studios is causing concerns among the company, and the heavy reshoots required to fix the movie are pushing it over budget. Gerri, Karl, and Frank meet with the co-CEO brothers to discuss their upcoming negotiation with Lukas Matsson. However, the group is surprised to learn that Matsson wants the Roys and the Waystar executives to attend a retreat in Norway to discuss the Waystar acquisition.

Image Credit: Graeme Hunter/HBO

At the airport, Greg asks Tom whether he is concerned about the restructuring of Waystar under Mattson when the acquisition is complete. However, Tom fears the Roys firing him out of a grudge because of his impending divorce from Shiv. Meanwhile, the other Old Guard members, such as Hugo, Frank, and Karl, are also concerned about their fates once the company is sold. However, Gerri reassures them that everything Logan taught them makes them valuable assets to the company, especially during the transition phase.

On the plane, Roman and Kendall discuss the movie situation while Shiv is concerned about the negative news being spread about Logan. Roman and Kendall offer to fire Tom for breaking her heart. However, they conveniently leave Shiv out of the negotiation preparations. In the car, Roman, Shiv, and Kendall ensure they are on the same page, as the siblings want to sell Waystar and use the money to start their own empire. On the other hand, the Waystar executives, especially Hugo, are intimidated by their GoJo counterparts once they arrive in Norway.

Roman and Kendall have a small meeting with the team, and it is agreed that the brothers will seek a bump in valuation before agreeing to complete the deal. Mattson greets Kendall, Roman, and Shiv, and the group quickly starts negotiations. However, Mattson mocks Roman and Kendall for bringing the whole team to the meeting. Kendall and Roman asked Mattson to reevaluate their company’s valuation. Mattson refuses to increase the price, especially since he has already agreed upon the valuation with Logan. Kendall and Roman are caught off guard when Mattson demands they sell ATN to him in exchange for the price bump.

The brothers take some time to evaluate their options and partake in the retreat. It becomes evident that the companies have cultural differences that will make the acquisition tough. Moreover, Mattson openly mocks Tom and Greg until Kendall intervenes and resumes negotiations. However, Mattson and the Roys once again reach a stalemate on the ATN situation. Later at night, Shiv spends time with Mattson and learns he could face sexual misconduct charges for harassing one of his employees. However, Shiv refrains from using the information as leverage in the negotiations.

Kendall becomes tired of playing hardball with Mattson and changes his mind about the sale. He convinces Roman to side with him and run the company together instead of selling it to Mattson, who does not understand what he is buying. Roman agrees with Kendall, and they conspire to tank the deal. Roman and Kendall must force Mattson to back out of the deal to keep the company. Thus, they secretly take Greg and Karolina with running negative PR about the sale in hopes of tanking the deal. Meanwhile, Greg learns that GoJo has drawn up a “kill list” to fire some of the Waystar executives after the deal is closed.

Succession Season 4 Episode 5 Ending: Do Kendall and Roman Finalize the Deal?

In the end, Kendall and Roman meet Mattson to finalize the deal. However, the brothers have organized a screening of the studio’s tentpole film and given several negative updates to Mattson. Moreover, the news reports purported by Greg and Karolina highlight the cons of the deal between Waystar and GoJo. After listening to Roman and Kendall stall the deal, Mattson realizes they are trying to make him back out and have no intention of selling. Mattson calls the brothers out before taking a piss. However, Mattson threatens to go behind the co-CEOs’ back and directly finalize the deal with the board. Roman goes on a rant and blasts Mattson for dragging out their father to Norway to wrap up the deal, leading to Logan’s death.

Image Credit: Graeme Hunter/HBO

Roman obliterates Mattson for demanding to finalize the deal mere days after their father’s passing and plays it off as a negotiation tactic. Kendall, Roman, Shiv, and the Waystar executives return home on a plane when Gerri receives Mattson’s call, giving them a significant bump in the valuation. The executives are happy with the numbers and pass them on to the board to close the deal, confirming that Roman and Kendall’s plan to tank the deal failed. However, Gerri, Karl, Frank, and others’ joy is short-lived as the kill list goes live, and Frank, Hugo, and Karl are fired while Gerri, Karolina, and Tom are retained. Ultimately, Mattson forces Roman and Kendall’s hand into completing the deal, with the siblings also set to lose ATN.

Read More: Succession Season 4 Episode 4 Recap and Ending, Explained