It's crucial not to underestimate Shiv Roy at this moment, particularly considering the recent developments in the past few episodes (or days in the Succession timeline). Her brothers have consistently shut her out, as evidenced by her absence during their final conversation with their dying father and her exclusion from the co-CEO title, which was meant to prevent any potential issues with the board and buyer Lukas Matsson. Furthermore, she faced embarrassment at her father's wake when she stumbled down the steps in front of guests while pregnant, and she's in the process of divorcing Tom. In episode 5, "Kill List," however, she starts to reclaim some of her power.
The episode begins with Kendall reverting to his old ways: listening to Jay-Z in the back seat of his black car on the way to Waystar Royco HQ. He's returning to the building as Logan Roy's successor, sharing the co-CEO title with Roman.
Roman is already at the office, feeling drained from the avalanche of emails and memos flooding in from Kendall and his team as they prepare for GoJo negotiations. Unfortunately, Shiv wasn't included in all the communication. As they're still getting ready, another message arrives in their inboxes: a request from Matsson for the entire group to meet him in Norway for a "cultural compatibility check" before finalizing the deal. Matsson has even provided a list of specific people he wants to attend. Thus, they all head to Norway for the GoJo team retreat.
Each person has their own worries on the way to Scandinavia. Greg is keen on scoping out potential romantic interests, Roman and Kendall are rehearsing, Tom is taken aback by Karl's compression socks, and the others are becoming anxious about the younger, more impressive GoJo team they'll be working with. As Karolina observes, they're part of the "NASDAQ Master Race." If the deal goes through, there may not be room for multiple people in the same position.
They arrive at the meeting location. It's nestled among misty mountains, featuring modern and sleek architecture with floor-to-ceiling windows that offer stunning views of lush forests. The setting is so stunningly beautiful that you could almost forget the Roys are about to enter into a high-stakes, billion-dollar deal with the devil within its walls. However, the Roys are completely focused on business, along with Connor's request for "carte blanche" in dressing Logan's body for the funeral to avoid Marcia dressing him in a kilt.
Matsson arrives in a hoodie, unbothered - which shakes the siblings a bit. During the first round of bargaining with Roman and Kendall, he uses mind games, power moves, and bad jokes. However, he makes an intriguing offer: to purchase the entire operation for $187 per share, which includes ATN (reverting to the original deal), an increase from his previous offer of $144. The tension is tangible as Kendall and Roman exchange silent looks, attempting to read each other's thoughts. They need to take a break and regroup.
Karl, Frank, and Gerri view Matsson's new proposal as a victory, and Shiv is content with losing ATN and its negative reputation, but Roman is uncomfortable with it. He is dedicated to his father and wants to keep "Dad's pride and joy" and develop it. All of the siblings are attempting to determine what their father would have done, but they are struggling to navigate the "Dad Maps," as Kendall puts it.
In the meantime, Greg still hasn't found anyone willing to sleep with him, but he has obtained valuable information: there is a list of eight or nine names that will be let go when the deal is done, known as the Kill List. Upon hearing this, Tom tries to make small talk with Matsson, but fails miserably, leading Greg to step in, followed by Kendall who impulsively resumes negotiations with Matsson. Despite the Roy siblings' objections, the Swede informs them of the harsh reality: he intends to Bloomberg-ize ATN, making it more subdued and accessible, or as he puts it, "IKEA'd to fuck." He considers them a "bad brand" with "good parts" and views the Roy children as a poor imitation of their father. Shiv intervenes to calm the men down.
At nightfall, Greg is dancing like a chicken on the dance floor, and the Roys are each pursuing their own agendas. Kendall confides in Roman that he wants to completely scrap the GoJo deal. He enjoys being in control, Matsson isn't a suitable match for the brand, and Roman wants to complete their father's work. And, in the spirit of Logan Roy, they'll be doing whatever they please. They just have to make Matsson believe that ending the deal is his own idea. Roman wants to involve Shiv in the plan, but Kendall is hesitant. "Can Pinky dance?" he inquires. As a result, he and Roman begin the sabotage process. Kendall instructs Greg to inform a reporter that the people at Waystar and GoJo are not getting along and the "deal vibes" are poor. He also arranges for a screening of their problematic, big-budget sci-fi film, Kalispitron: Hibernation, with the full, three-hour rough cut, the following morning.
During all of this, Shiv is privately meeting with Matsson in his room, where they drink whisky and do cocaine together (although Shiv is continuing to keep her pregnancy a secret). Matsson seeks her advice on his relationship problems, which include sending his ex-girlfriend, who is also the head of communications at GoJo, half a liter of his own blood as a joke, which has now become a serious issue. Shiv warns him that if his behavior becomes public after the Waystar deal, it could negatively impact his company's reputation and finances. She gives him some advice, including to stop sending blood and to not fire his ex, and suggests that he speak to Gerri for further help. Matsson appreciates her non-judgmental attitude and sense of humor, which he compares to her father's.
The next morning, Kendall and Roman meet Matsson on a mountaintop for the third round of negotiations. They mention the press story about bad deal vibes, and that their sci-fi movie has "a few issues," which Matsson realizes is an attempt to scare him off the sale. Kendall stutters through an explanation about needing to slow down the deal due to the election, transition of power, and regulations. Matsson expresses his dissatisfaction and says he would rather negotiate with Logan Roy, who may have been a prick, but at least knew what he wanted. He takes a jab at Kendall and Roman, saying that their father would be embarrassed by them now.
At this point, Roman Roy reaches his breaking point. While Matsson is urinating on a rock, Roman confronts him for making jokes about Logan's death and scheduling negotiations for the day after his funeral. Roman even accuses him of being responsible for Logan's death, as he was on his way to meet Matsson when he passed away. If Matsson wants to continue with the sale, they'll make the process so slow and tedious that he'll eventually lose interest and move on. In the end, Roman makes it clear that they will not sell Waystar Royco to Matsson.
However, on their flight back to the States, Frank receives a call from Matsson. The deal is still on, and he has a new offer of $192 per share, including ATN. The team celebrates with champagne, but Kendall and Roman are less enthusiastic, realizing that Matsson had retaliated against them with an offer they couldn't refuse.
Shiv's new friendship with Matsson may have influenced the offer, or he may have just been trying to get back at her brothers for upsetting him. Shiv's barely concealed smile suggests the former. Regardless, the offer gives her a sudden power trip, and she approaches Tom to discuss changes at ATN. She wants him to fire Cyd Peach, the senior news division head, for being too power-hungry and too close to far-right presidential candidate Jeryd Mencken. Apparently, Mencken's campaign team is privy to ATN's morning editorial meetings, which is not a good look. In a surprising turn of events, Shiv even asks Tom out to dinner, despite their earlier exchange of insults. The offer of $192 per share seems to have made all the difference. Was this Kendall and Roman's plan all along? Their faces suggest otherwise.
Tom is unable to respond to Shiv's dinner invitation as she receives a call from Matsson, who asks for a picture of her brothers' unhappy faces. The siblings' once-united front is quickly disintegrating. Meanwhile, Jess, Kendall's assistant, has obtained an early draft of the Kill List, which includes almost everyone on the plane who isn't a Roy, except for Gerri and Karolina, who Shiv recommended to Matsson.
With her successful maneuvering in Norway, Shiv is once again back in the game. How long can she stay on top?
