Logan Roy is a monster. Honestly, we knew that from the first ten minutes of the pilot, but Succession Season 4 Episode 1, titled "The Munsters," really hammers home that he’s a lonely monster. He’s wandering through his own birthday party like a ghost in a house he built but hates.
The kids aren't there. That's the big thing.
Usually, the Roy siblings—Kendall, Shiv, and Roman—are scurrying around him, trying to win a smile or a promotion. But at the start of this final season, they’re in Los Angeles, pretending they’re "The New Gen" and trying to launch a media startup called "The Hundred." It’s basically Substack meets The Economist meets... well, a lot of venture capital buzzwords that mean absolutely nothing. It’s hilarious. It’s sad. It is pure Succession.
The Birthday Party From Hell
Logan’s 80th birthday party is a grim affair. Imagine the most expensive room in New York City filled with people who are only there because they're terrified of the guest of honor. He’s bored. He’s so bored he asks his bodyguard, Colin—who is basically his only friend at this point—to go out for dinner so he can talk about how people are just "meat" and "units."
It’s a bleak worldview.
While Logan is mourning the lack of "killers" in his life, the siblings are in a glass box in California. They’re trying to convince themselves they don't need their dad. But here’s the thing: they are obsessed with him. They can't breathe without wondering what he’s doing. When they hear Logan is about to close the deal for PGM (Pierce Global Media), they drop their "revolutionary" startup idea in a heartbeat.
Suddenly, "The Hundred" is dead.
Long live the bidding war.
Why the Pierce Deal Changed Everything
The heart of Succession Season 4 Episode 1 is the scramble for Nan Pierce’s soul. Or at least her company. The siblings decide to outbid their father for PGM, not because they actually have a cohesive business plan for it, but because it’s the one thing Logan wants. It is pure, unadulterated spite.
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Nan Pierce, played with brilliant, shaky-handed upper-class pretension by Cherry Jones, loves the drama. She pretends she hates the money, but she’s watching the numbers climb.
The siblings go up to $10 billion.
$10 billion for a legacy media company in an era where linear TV is dying.
It’s a massive mistake. Roman knows it. You can see it in his face—Kieran Culkin plays that hesitation so well. He’s the only one who realizes they are overpaying just to "get" Dad. But Kendall and Shiv are too far gone. They need the win. They need to see Logan lose more than they need to succeed themselves.
The bidding war is edited like a high-stakes thriller, but it’s actually a comedy of errors. They’re bidding against a man who has more resources, more experience, and significantly less to lose emotionally. When they finally "win" at $10 billion, they don't even look happy. They look terrified.
The Disintegration of Tom and Shiv
We have to talk about the apartment scene. It’s arguably the most "human" moment in the entire series.
Tom Wambsgans and Shiv Roy are done. After Tom’s betrayal at the end of Season 3, where he tipped off Logan about the siblings' coup, the trust is gone. But they haven't officially called it yet. When they meet in their darkened apartment to discuss their separation, it’s devastating.
There are no screams. No plates breaking.
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Just two people who are too tired to keep lying.
Matthew Macfadyen and Sarah Snook put on a masterclass here. Shiv is trying so hard to be the "cool, detached" one, but you can see her heart breaking. Tom is just looking for a way to survive. They end up lying on the bed, holding hands, agreeing to end it. It’s the only time in Succession Season 4 Episode 1 where the dialogue feels like it isn't a weapon. For a few seconds, they’re just two sad people who ruined each other.
Breaking Down the "New Gen" Strategy
Let’s be real: "The Hundred" was a terrible idea.
The showrunners, led by Jesse Armstrong, clearly spent time looking at the failed media launches of the last decade. The siblings describe it as "high-calorie info-snacks." It’s the kind of thing people who have never had to work a day in their lives think is "disruptive."
- It was supposed to be "the world’s greatest writers."
- It was supposed to be a "hub."
- It was almost certainly going to lose $500 million in the first year.
By abandoning it for PGM, the siblings aren't moving forward; they’re moving backward. They are retreating into the world of traditional media because that’s where their father lives. They can’t escape his gravity. Even when they’re winning, they’re playing by his rules.
The Power Dynamics are Shifting
While the kids are playing at being moguls, the "Old Guard" is worried. Gerri, Frank, and Karl are watching Logan’s mental state. He’s aggressive. He’s calling his own birthday party a "f***ing morgue."
Logan’s relationship with Kerry (his assistant/rumored girlfriend) is also making everyone uncomfortable. She’s trying to audition for a news anchor spot at ATN, and it is painfully awkward. It shows that even in Logan’s inner circle, the judgment is failing. The walls are closing in.
And then there’s Greg.
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Good old Cousin Greg.
He brings a date to the party—Bridget, the girl with the "ludicrously capacious bag." Tom’s takedown of that bag is a top-five moment in the show’s history. It’s a reminder that in the world of the 1%, you are either in or you are an intruder. Bridget is an intruder, and Greg is barely hanging on by his fingernails.
What This Means for the Rest of the Season
This episode sets the stage for a total war where nobody actually wins. The siblings have PGM, but they have no idea how to run it. Logan has his money, but he has no family. The deal with Lukas Matsson and GoJo is still looming like a dark cloud.
The themes of "The Munsters" are clear:
- Legacy is a burden, not a gift.
- Spite is a bad business model.
- Loneliness is the ultimate price of Logan’s brand of success.
By the time the credits roll, you realize that the title isn't just a joke about how weird the family is. It’s about how they’ve become caricatures of themselves. They are the monsters in the basement, and they’ve finally locked the door from the inside.
Actionable Insights for Fans and Analysts
If you're watching this episode and trying to understand the deeper layers of corporate strategy and family trauma, keep these points in mind:
- Watch the background characters. The reactions of the "grey suits" (Karl and Frank) often tell the real story of how the business is doing compared to the Roy family drama.
- Analyze the lighting. Notice how the LA scenes are overexposed and bright, symbolizing the siblings' false sense of hope, while Logan’s New York is dark, heavy, and oppressive.
- Study the negotiation tactics. The PGM bidding war is a textbook example of "Winner's Curse," where the party that wins the auction likely overpaid based on emotional rather than rational factors.
To truly grasp the trajectory of the final season, look back at the Season 2 finale. The seeds of the siblings' current failure were planted the moment Kendall decided to go to war without a concrete plan for "what comes next." They are still in that same loop, just with a bigger price tag.
Next Steps for Deep Context:
Re-watch the Season 3 finale to see exactly how Tom’s betrayal set the emotional stakes for the Shiv/Tom confrontation in this episode. Pay close attention to the phone call Logan makes at the end of "The Munsters"—it signals his shift from a defensive posture to an all-out offensive against his own children.