Filled with firings, scandals and takeover attempts, Waystar Royco’s timeline within the world of Succession has been filled with plenty of drama during its run on HBO. Debuting in 2018, Succession follows the drama among the Roy family as Logan Roy seeks a successor to his position atop his company, Waystar Royco, that he built from the ground up. Logan, portrayed by Brian Cox, shuffles between three of his children as potential CEOs once he steps down. Kendall Roy (Jeremy Strong), Siobhan “Shiv” Roy (Sarah Snook), and Roman Roy (Kieran Culkin) all briefly hold the pole position for the role at Waystar Royco, only to watch as Logan snatch it away.
Succession season 1, episode 1 “Celebration” opened with Kendall expecting to be named as Logan’s heir with the latter’s retirement approaching. Naturally, the succession plan isn’t so simple and after four seasons on HBO, the future CEO remained unclear. With Waystar Royco responsible for television news, print media, a movie studio, theme parks and a cruise line, the conglomerate wields significant power within its universe. Here’s a look at Waystar Royco’s turbulent timeline, from its humble beginnings under Logan Roy to his eventual demise, as the Roy family fights among itself for control while navigating multiple acquisitions.
Logan Roy Founds Royco, Merger Creates Waystar Royco
Before audiences begin to see the drama surrounding the future of Waystar Royco, Succession offers small hints to the media conglomerate’s beginnings under Logan. Moving from Dundee, Scotland to Canada during World War II, Logan lived with his uncle Noah who owned a print shop and billboards. This work experience coupled with inheritance led Logan to begin his first business, Royco. Succession deliberately leaves the details scarce, but Royco’s beginnings as an advertising and newspaper business eventually expanded thanks to its merger with Waystar.
Waystar Royco, headquartered in New York City, begins the series as the fifth-largest media conglomerate in the world and includes numerous holdings across the world that were acquired in the years prior to Succession’s debut. While ATN, Brightstar Cruise Lines, Brightstar Adventure Parks and Waystar Studios are notable during Succession, Waystar Royco also acquired multiple print media outlets in multiple countries, including the NY Globe, the Chicago Daily and the Shenzen Sun in China, as well as other news networks including NCN and LNN.
Related: Succession: Every Division Of Waystar Royco Explained
Logan’s Brain Hemorrhage Thrusts Kendall Into Waystar Royco’s CEO Role
Succession wastes no time getting to Waystar Royco’s business transactions and leadership as Kendall is in the midst of an acquisition minutes into the pilot. After “soft floating” the news himself, Kendall is anticipating a change in leadership at Waystar Royco as Logan reaches his 80th birthday. Negotiating with the CEO Lawrence Yee (Rob Yang) to add Vaulter, a digital media start-up, to Waystar Royco’s portfolio, Kendall is looking for a splashy purchase in preparation for his promotion to CEO. However, midway through the pilot Succession’s entire premise takes shape as Logan informs Kendall he’ll be staying on for five or maybe 10 more years.
A brain hemorrhage temporarily incapacitates Logan and temporarily places Kendall into the role of CEO, but not before the patriarch of the Roys fired his longtime friend Frank Vernon (Peter Friedman) as COO and replaced him with Roman as a negotiating tactic. With Kendall and Roman leading the way at Waystar Royco, they immediately must solve the issue of a plummeting stock price. Informed of a $3 billion loan taken out by Logan decades prior to facilitate the expansion of his parks division, Kendall fights off an immediate repayment by enlisting the help of college friend Stewy Hosseini (Arian Moayed).
Offering up $4 billion to Kendall for stock options and a seat on the board, Stewy becomes a central figure in the battle to come throughout Succession. Displeased with the deal his son made, Logan returns as CEO in Succession season 1, episode 4, “Sad Sack Wasp Trap” and rehires Frank to mentor Roman as COO. The episode also introduces the show’s first scandal as Shiv’s fiance Tom Wambsgans (Matthew Macfadyen) is informed of crimes committed on Waystar Royco’s cruise line, including sexual assaults, as he takes over as the head of parks and cruises.
Kendall’s Takeover Attempt Begins With Vote of No Confidence
Succession’s season one turmoil at Waystar Royco leaps forward as Kendall begins to pursue a vote of no confidence in his father following Logan’s announcement of his intent to purchase additional local news stations. Simultaneously, Tom begins the cover-up in cruises with the Roy family cousin Greg Hirsch (Nicholas Braun) sent to destroy documents that reveal payoffs to victims. Logan’s erratic behavior increases the chances of a vote succeeding, but the threat of a terror attack strands Kendall in Long Island where he was working to secure a vote to his side.
Unable to return to the boardroom as the vote begins, Kendall can only listen as Logan intimidates anyone who votes against him with Roman ultimately flipping sides to secure his father’s survival. Logan fires everyone who voted against him from the board, including Frank once again, as well as Kendall. Kendall begins a plot to force a hostile takeover of the company once Stewy reveals the $4 billion investment came from Logan’s business rival, Sandy Furness (Larry Pine). The trio plan to take a controlling interest in Waystar Royco and install Kendall back into the role of CEO.
Related: Succession: The 10 Worst Things The Family Did To Kendall
Sandy and Stewy speed up the takeover attempt of Waystar Royco during Shiv and Tom’s wedding in England. The duo instruct Kendall to deliver their bear hug letter with an offer to buy the firm outright from Logan, taking advantage of all the company’s senior management being out of the country. Meanwhile, Roman’s hurried launch of a satellite in Japan to coincide with Shiv’s wedding results in an explosion that injures three but miraculously causes no deaths. Kendall undermines the takeover bid when his relapse results in a car crash into a lake leading to a waiter dying in Succession’s season 1 finale. With his room key found at the scene by Logan’s security, Kendall is blackmailed into ending his part in the takeover attempt while entering rehab.
ATN Politics Create Trouble For Waystar Royco
After just 48 hours in rehab, Kendall lands back on television at Logan’s command to explain why he backed out of the Waystar Royco takeover attempt with Sandy and Stewy, who remain committed to the plan in Succession season 2, episode 1 “The Summer Palace.” Despite financial advice to sell the company and a family discussion of a sale while in the Hamptons, Logan instead names Kendall a co-COO with Roman, promotes Tom to ATN’s Chair of Global Broadcast News and discreetly offers Shiv the role of future CEO.
With Stewy on rival news network Pierce Global Media publicly discussing the takeover, Logan turns his attention to buying PGM while also eliminating Kendall’s purchase of Vaulter. After Kendall and Roman assess the struggling performance and potential unionization of the staff, Logan decides to pull the plug. Frank returns to Waystar Royco again as his relationship with Nan Pierce (Cherry Jones) serving as motivation for Logan rehiring him. Succession season 2, episode 4 “Safe Room” provides Waystar Royco with its next controversy as Logan pursues the left-leaning PGM. ATN anchor Mark Ravenhead (Zack Robidas) is revealed to be a Nazi sympathizer, leading to protests outside Waystar Royco and ATN’s building.
With PGM CEO Rhea Jarrell (Holly Hunter) arriving at the building the same day, a gunshot inside the building sends senior management seeking cover in safe rooms. After initially telling Kendall and Logan the Pierce family isn’t interested in selling, Rhea relents when hearing the price the Roy family is willing to pay. Meanwhile, ATN take a public hit as the gunshot is revealed to be from an employee who died by suicide due to the workplace environment at the conservative news network. The Roy family is forced to visit the Pierces for a weekend to calm worries about the potential deal, with Shiv announcing to everyone she has been tabbed as the successor.
Cruise Scandal Spoils Waystar Royco’s PGM Deal
After the Pierces demand the deal be contingent on Shiv’s accession, as her politics align better with their own, Logan departs without a deal. Quickly reconsidering and playing into Logan’s plan, the Pierces look to finalize the deal at an international business retreat. However, New York Magazine reveals it will be publishing a story on the cruise ship scandal during the conference, sending Waystar Royco management into damage control. Concurrently, Tom and Greg manage their own scandal on a smaller scale as ATN has violated viewer privacy rights. Unable to bury the story, the scandal going public leads to Nan Pierce walking out on the deal and firing Rhea for her presumed collusion with Logan.
With Stewy and Sandy still on the attack as the PGM deal crumbles, Logan and the rest of the Roys turn their attention to smoothing over relations with shareholders overseas which includes Kendall, Shiv and Roman’s mother Caroline Collingwood (Harriet Walter) and her 3 percent share. The stop overseas includes a trip back to Logan’s home of Dundee, where Rhea is announced as the next CEO during Logan’s 50th anniversary celebration for his time at Waystar Royco. The announcement quickly goes south for Rhea as a whistleblower goes public after refusing a massive settlement and implicates Tom, Kendall and general counsel Gerri Kellman (J. Smith-Cameron).
Waystar Royco’s senior staff members are called to testify in front of the Senate, with Tom floundering. Logan and Kendall testify next, with the former shifting blame to the latter. Kendall combats the questions, which Logan later worries will hurt Waystar Royco’s relationship with its shareholders. After Greg also struggles during his testimony in Succession season 2, episode 10 “This Is Not For Tears,” Logan decides someone will need to be the public scapegoat. While Tom’s name is thrown around by multiple people, Logan eventually lands on Kendall with Roman once again the loan COO. Ushered off to a press conference, Kendall initially appears to be taking the blame before flipping to claim Logan was responsible for the legal settlements and cover-up.
Kendall Begins His Next Battle Against Logan And Waystar Royco
Kendall’s announcement to begin Succession‘s third season triggers a Department of Justice investigation into Waystar Royco and a public battle with the rest of the Roy family. With the investigation underway, Logan decides to temporarily step back as CEO and names Gerri after Shiv fails to secure a high-profile lawyer to defend the company. Instead, Shiv is named Waystar Royco’s President of Domestic Operations in order to be Logan’s eyes and ears while Gerri serves as acting CEO. Seeking to do damage control in the face of the investigation, Logan sends Roman to do an interview about his parenting of the children while Shiv is placed in charge of an employee town hall.
Infiltrating the Waystar Royco building despite his security clearance being taken away, Kendall interrupts Shiv’s town hall in Succession season 3, episode 3 “The Disruption” by placing speakers throughout the building and playing Nirvana’s “Rape Me.” In response, Shiv releases an open letter attacking Kendall personally for his behavior and relapse which Roman and Connor decline to endorse. Simultaneously, the FBI arrives at Waystar Royco to raid the building after Logan had instructed Gerri to refuse to cooperate with the DOJ investigation. The negative publicity of the raid and Kendall’s relationship to the family worries investor Josh Aaronson (Adrien Brody), who holds 4 percent of the company’s stock. After the meeting with Josh goes poorly as Logan and Kendall are unable to get along, Stewy and Josh meet in Succession season 3, episode 4 “Lion in the Meadow ” as the two Roys depart separately.
Meanwhile, Shiv pressures Tom to have ATN be increasingly critical of the president in order to pressure him into slowing the investigation. After Mark Ravenhead refuses Tom’s request, Shiv meets with him personally to repeat her demand. Seeing the coverage turn negative, the president calls Logan who in turn expresses his desire to see the DOJ relent. The president’s concern about the coverage results in him declining to seek a second term, with the news breaking as Waystar Royco’s annual shareholders meeting is underway. Negotiations between the Roys and Stewy, Sandy and his daughter Sandi Furness (Hope Davis) lead to the family maintaining control and avoiding a shareholder vote on ownership.
Logan Picks The Next President As Waystar Royco Explores GoJo Takeover
Kendall’s public behavior, including interrupting the announcement of a settlement at the shareholders meeting, continues to hurt his case with the DOJ. Waystar Royco learns of the weakening of the case and believes a settlement will eventually take place. In the meantime, Logan assists in finding a new Republican candidate for president, landing on Jeryd Mencken (Justin Kirk) in Succession season 3, episode 6 “What It Takes” as Roman believes he will be good for ATN ratings. Once again seeking a major acquisition, Logan turns his attention toward streaming giant GoJo, but is turned away from a potential deal by CEO Lukas Matsson (Alexander Skarsgård).
Roman spoils Kendall’s birthday party by delivering an offer from Logan to buy out his shares of Waystar Royco for $2 billion, as well as convincing Lukas to consider an offer. Stewy and Sandi are informed of the plan to buy GoJo during a board meeting before Lukas uses the potential influx of cash he would receive to boost GoJo’s stock price. Now eyeing a merger of equals rather than being bought out, Lukas sees his market capital pass Waystar Royco due to the latter’s DOJ fines. Stepping up his plan again, Lukas seeks to buy out Logan while allowing him to keep ATN.
Forced to work together in order to stop their father’s sale, Kendall, Shiv and Roman work to exploit a clause in Logan and Caroline’s divorce settlement that prevents a change of company control. However, Tom betrays Shiv in Succession’s season 3 finale and informs Logan of his children’s plan, and he renegotiates with Caroline in order to push the sale through.
Logan Unexpectedly Dies As Kendall, Shiv And Roman Unite
Finally aligned against their father, Kendall, Shiv and Roman use an unintentional tip from Tom to purchase PGM before Logan can as both sides intend to use the capital from the GoJo sale to secure the deal. While the trio of siblings meets with Stewy and Sandi about opposing the GoJo sale at the next board meeting, Roman remains in contact with his father. ATN will remain under Logan’s control following the sale of the rest of Waystar Royco, and he secretly offers Roman the role of ATN’s head in a reconfigured plan for the network.Once again using Roman, Logan orders him to fire Gerri for her mishandling of the cruise scandal fallout.
Before the deal can be finalized, Logan dies in Succession season 4, episode 3 “Connor’s Wedding” during his trip to Norway and leaves Waystar Royco’s senior management working to plan the timeline for releasing the news and naming an interim CEO to stabilize the market price. With press present upon the plane’s landing and Logan being pronounced dead, Shiv reads a statement from the siblings and proclaims they will be there as the company moves forward. During Logan’s wake, Tom is quickly ruled out as interim CEO by Waystar Royco’s senior management and Frank finds an undated document from Logan that either underlined or crossed out Kendall’s name as the successor upon his death.
Kendall And Roman Earn Co-CEO Titles As GoJo Battle Continues
The Roys agree a family member is the better option for interim CEO, though Roman argues his role as COO leaves him next in Waystar Royco’s succession plan. After convincing Shiv to go along with the two of them despite not having a formal role herself, Kendall and Roman are named co-CEO with Stewy backing the plan as well. Sent off to Norway to join the GoJo company retreat, Waystar Royco’s management team agrees on a floor of $144 per share for the sale. However, Lukes surprises the group with an offer of $187 with ATN now included. Looking to remain in control, Kendall and Roman plot to stop the deal.
Despite Roman’s outburst in Succession season 4, episode 5 “Kill List,” telling Lukas they will never sell to him, the offer is upped to $192 delivered directly to Frank on the return to New York. Needing to boost their stock price once again in order to undermine the deal, Kendall and Roman plan for Waystar Royco’s announcement of Living+, a luxury assisted living community Logan proposed before his death. While Kendall succeeds in his presentation of Living+, having edited a video of Logan promising to double Waystar Royco’s parks revenue with the plan and driving up interest with unrealistic earning projections, Roman spirals as he impulsively fires Waystar Studios head Joy Palmer (Annabeth Gish) and Gerri after she criticizes his decision-making.
Shiv Aligns With Matsson As Kendall And Roman Try To Kill GoJo Deal
As the election nears and tensions increase, Kendall and Roman use the family’s pre-election party to convince either Mencken or Democratic nominee Daniel Jiménez (Elliot Villar) to block GoJo’s takeover in exchange for favorable ATN coverage. With Shiv now secretly working with Lukas in order to push the deal through and secure a position in his company, Tom is upset to hear he may lose his job after just ordering Greg to lay off hundreds of ATN employees himself. Election night leaves Roman and Shiv on opposing sides due to their own self interests in the future of Waystar Royco.
Related: Why Matsson Destroyed Shiv’s Chances Of Winning In Succession
Roman promises Mencken will block the deal if elected and pushes Tom to call Wisconsin for the Republican nominee despite a firebombing attack at a voting center leaving votes uncounted. The decision leads to Tom and ATN ready to call the election for Mencken after Arizona gives him the electoral votes needed, with Kendall still apprehensive. After Shiv lies about Jiménez being open to blocking the deal himself, Kendall uncovers her deception and dealings with Lukas. After Kendall agrees to declare Mencken the winner in Succession season 4, episode 8 “America Decides,” PGM begins to run stories about Tom prematurely calling the election due to the politics of Waystar Royco and ATN.
As protests break out following ATN’s declaration for Mencken, Tom misses Logan’s funeral as he oversees the chaos outside Waystar Royco and reads the New York Times story implicating him as the source of the call. Roman breaks down before his planned eulogy, appearing weak to the wide range of influential people in attendance. Shiv connects Mencken and Lukas at Logan’s funeral, with the plan to let the deal go through as she will sit atop the company as an American CEO. Echoing his own experience with Logan in Succession season 1, episode 1 “Celebration,” Kendall tells Roman he has hurt their deal, and his ultimate plan to be the sole CEO of Waystar Royco by stopping the sale at the board meeting is put in motion.
