Episode Grade: (8.7/10)
Team Waystar heads to Norway to meet Team GoJo. Kendall and Roman clash with Matsson over terms of the deal and somehow come out winners.
Plot (44/50)
In the early part of the episode, there was a clash of cultures between Waystar’s American executives and their European counterparts at GoJo. For the most part, the Americans struggled to keep up with the more refined, overachieving Europeans. But as the episode progressed, similarities between the two sides emerged. By the end of the episode, they seemed more alike than different. Despite the drama, significant developments were made with regards to the deal. In the end, Waystar managed to secure a tentative win.
Round One
Waystar was on the defensive before they even got to Norway. Matsson’s last-minute invite to Waystar’s executive suite put them on high alert. They were basically re-interviewing for their jobs against tough competition. Kendall half-heartedly floated the idea that they push back, but he and everyone else knew that they could not do anything to jeopardize the deal. Upon arrival, they were effectively steamrolled. Matsson’s team, much like their boss, know that they have the upper hand and are not afraid to show it.
This takes us to the first round of negotiations. Kendall and Roman head into the meeting with a foolish amount of overconfidence. They have probably reviewed the plan with Frank and co. many times over, and they think that somehow prepares them for Matsson. Well, it doesn’t. He immediately isolates the Roy brothers from the “old guard.” He then proceeds to play mind games that quickly destabilize the Roys. Once he has them where he wants them, he hits them with the curve ball. He wants to include ATN in the deal, and he is willing to pay up.
Kendall and Roman are obviously shell-shocked by this development. Roman wants to deny Matsson’s request for sentimental reasons, but Kendall knows that it is a good business deal. They take a timeout to discuss with the larger team. To no one’s surprise, Frank and co. see this as a positive development. Shiv is on board as well. Round one goes to Matsson.
Round Two
Matsson’s trampled all over Kendall and Roman’s pride and fragile emotions. As such, Kendall and Roman are not looking at the deal from a business perspective. Kendall admits that he likes running things and somewhat comically suggests that they are good at it, as if one day is anything to go by. He wants to tank the deal. Roman reluctantly tries to get Kendall to see reason, but it does not take much to get him on board with the plan. The tricky part is that they have to get Matsson to walk in order to avoid any scrutiny from the board.
Meanwhile, Matsson meets with Shiv in private. He wants to get a pulse, and she obliges. She tells him that they are open to including ATN in the deal at the right price. The conversation then takes a hard turn when Matsson brings up that he had dated Ebba, GoJo’s Head of Communications. It gets worse. After the two broke up, Matsson’s been sending Ebba blocks of his blood. Shiv’s seen her fair share of toxicity, so she isn’t phased. She offers some advice, much to Matsson’s delight. Round two goes to Shiv.
Round Three
The next day, Waystar’s executives are not doing much better as rumors of a kill list begin circulating. Kendall’s leaks of discontent among the two companies have also begun circulating in the news (through Greg). His next move is an early morning screening of Waystar’s super expensive poorly-made upcoming blockbuster movie. After some more jabs by Matsson and pandering by Tom, Kendall and Roman finally return to the negotiating table.
They reopen the talks with an “honest” discloser that the movie is costing the company a ton of money and is riddled with issues. Matsson’s no fool though. He sees through the shenanigans and calls the brothers out on their childish ruse. Matsson goes too far, though, and Roman loses his cool. Roman explicitly tells Matsson that they do not like him and that they do not want to sell to him. And while it was nice to see someone chew into Matsson, all this did was give Matsson the legal grounds to go straight to the board. At this point, it seemed like Kendall and Roman had blown the deal.
On the way back to America, Gerri reveals the names on the initial kill list. She is safe alongside Karolina and Tom. Tough luck for everyone else. More importantly, Frank gets a call from Matsson. He has increased his offer by $5 a share, which is quite the significant bump. Kendall and Roman are stunned. Their antics failed to tank the deal, but that also means that they succeeded in securing the deal at favorable terms. Round three goes to Waystar’s shareholders.
Looking Ahead
The negotiations between Matsson and the Roy brothers were dynamic and intriguing. The suspense in their scenes was palpable. I liked the originality in the conclusion with Kendall and Roman inadvertently getting the job done. That they are not happy about their success is an added bonus. Shiv’s increased involvement makes things even more interesting moving forward. On to the elections.
Character Development (13/15)
The sheet amount of egos on display in this episode made for some great interactions. With the exception of Kendall and Roman, everyone’s intentions were obvious. That level of clarity made it such that the characters had to be fairly straightforward. Take members of the board, for example. Frank and Karl are on their way out, so their sole concern is getting more money. The rest are fighting for their jobs, so they’re more invested in their potential employer. It’s no surprise that the diplomatic duo of Karolina and Gerri were able to weather the storm. The rest face the consequences for not adapting.
Kendall and Roman
Hot take: the CE-bros are a good team. Not good in the sense that they do a good job, but good in the sense that they fit. Their contrasting personalities complement eachother. Kendall’s got the business acumen and just about nothing else. Roman’s got little business acumen, but he’s a much better people’s person. That’s not exactly saying much, but you get the idea. Because they gravitate towards different responsibilities, they don’t end up stepping on each other’s toes. It was interesting to see the roles switch, with Kendall increasingly emotional and Roman trying to be the voice of reason.
With that said, their combined efforts never stood a chance against Matsson. Matsson mercilessly exposed them at every given opportunity, as has been the case anytime the Roys have ventured out into the “real” world. Logan’s damning assessment about his children not being “serious people” keeps coming to mind. They were grossly overconfident heading in and pathetically slow to readjust. There was virtually no resistance to Matsson’s assault. They got bullied, just like they used to get bullied by Logan. And at the first sign of pressure, they cracked.
The way they cracked was consistent with their characters. Kendall resorted to logic, while Roman let his emotions take over. In Matsson, Kendall saw Logan, so his aim was to establish his agency. Keeping the company is also an opportunity to prove himself worthy of the position. Roman, on the other hand, saw Matsson as a threat to Logan’s legacy. He had taken the disrespect for so long, but he finally had enough. Matsson pushed too hard, and Roman pushed back. Ultimately, Matsson’s ego bailed them out. Two wrongs made a right.
Matsson
Prior to this episode, we had not seen Matsson for half a season. But because of how well he slots into this world, it’s like he never left. Matsson is nearly as imposing as Logan was. He’s on a completely different level relative to the Roys. It was so easy for him to get under Kendall and Roman’s skin. Even he was shocked at how easy it was and how incompetent the Roy sons are. Yet he let them get under his skin as well. He was genuinely offended by the shenanigans, as if to say: “how dare you play games with me?” The deal was always personal for the Roys, but Roman’s outburst made it personal for Matsson too.
Even though it does not seem like it at the moment, I think the deal will ultimately fall through. His newfound relationship with Shiv worked to his advantage in this instance, but only because Shiv was willing to play ball. In confiding with her about Ebba, he has given her leverage. That might not seem like much at the moment, but if Shiv were to realign with her siblings, it could be damaging. That sort of revelation could given the Roys grounds to torpedo the deal. Time will tell how big of a misstep this was.
Shiv
Shiv’s actions in this episode stem from her fear of abandonment in a way that we have not seen for some time. Her father is dead, her husband is estranged, and her brothers have neglected her. She feels marginalized, and through Matsson, she sees a path to regaining some relevancy. It’s unclear how critical her “insight” was to Matsson’s improved offer. I think Shiv giving him some attention was helpful to the cause, but not necessarily because of anything Shiv’s done. He’s a petty man. Shiv is the sister and wife of his current adversaries. If he develops any sort of relationship with her, it’s a win for him.
Basically, the two see eachother as a means to advancing their respective interests. With that said, I think it’s a greater benefit to Shiv because she suddenly holds all the important cards. She recognizes the newfound strength of her position and immediately gets to work consolidating her power. Her burgeoning relationship with Matsson has already yielded a valuable piece of information that the rest of the Waystar team don’t yet know about, so naturally, she has continued indulging Matsson. She’s doing what she does best: playing both sides.
Even though she has been cast aside, her brothers are still keeping her in the loop. There’s not much for her to do there. That leaves her husband. Tom’s back in a position of utter desperation, which is exactly where Shiv wants him. If he doesn’t have leverage, he can’t possibly abandon her. This is the perfect time for reconciliation. Cyd has ambitions, so she’s a threat to Shiv. Axing her places Tom at the top of ATN, which gives Shiv even more power. It will be interesting to see if she reveals her pregnancy to Tom in order to guarentee his loyalty.
Theme/Messages (3/5)
- Even a broken clock is right twice a day.
- Good negotiations usually end with a resolution that doesn’t made either party happy but is satisfactory to both.
Acting (14/15)
Kieran Culkin (Roman) capped off a great performance with a fantastic rant. The chemistry between him, Jeremy Strong (Kendall), and Alexander Skarsgård (Matsson) is intense. Matthew Macfadyen (Tom) and Sarah Snook (Shiv) put in solid shifts as well. On a side note, HBO deserves a ton of credit for their consistently excellent casting decisions. Bringing in a star like Alexander Skarsgård for some sporadic appearances is borderline unfair. It speaks volumes to the quality of the show and the network.
Cinematography (13/15)
- “Takeover” by Jay-Z plays as Kendall arrives to Waystar
- Cool shot of the waterfall among the rocks (12:53)
- Nice shot of the zipline to the top of the mountain (15:03)
- Great shot of Matsson, Roman, and Kendall sitting with the mountain range in the background through the windows. The seating signifies the levels of hostility, with Roman sitting across Matsson while Kendall sits in the middle (23:29)
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