Richie Finestra is trying to save his record label and soul without destroying everyone in his path. With his passion for music and discovering talent gone by the wayside, he has a life-altering event that reignites his love of music, yet severely damages his own life.
1973, New York City. Together with his partners, Richie Finestra, President of American Century Records, is on the verge of selling his struggling company to German Polygram, an impending distribution agreement with Led Zeppelin part of the package.
With German Polygram execs in town to complete the deal for American Century, Richie delivers a bombshell that shocks the prospective buyers as well as his partners. In Greenwich, Devon ponders what to do about her husband, who broke his promise by going off the wagon.
Richie trims the American Century roster to free up money to sign and promote new artists. Trying to find purpose in the suburbs, Devon turns to Andy Warhol in hopes of raising funds to renovate a Greenwich barn that could house a displaced Russian ballet company.
On the verge of signing with American Century, Kip and the Nasty Bits enlist a new manager to work out a favourable deal with Richie. Armed with photos from Richie’s temper tantrum, Devon visits a divorce attorney. Skip looks to unload an overrun of bootleg albums.
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Devon agrees to join Richie for dinner with Hannibal and Cece, playing up the vixen role to keep one of her husband's best clients signed. Kip faces a dilemma in the wake of the Nasty Bits' signing: fire one of his bandmates or lose a gig opening for the New York Dolls.
Devon seeks refuge at the Chelsea Hotel with Ingrid, a friend from her Warhol days. Meanwhile, Richie falls into a deeper well of drugs and depravity, enabled by Ingrid's nihilistic boyfriend. Kip takes an unlikely path towards recruiting a guitarist for the Nasty Bits.
Looking to raise cash for his label, a newly sober Richie flies to LA with Zak, hoping to sell the company jet to a rival record exec. Afterwards, the pair head to Las Vegas in hopes of somehow convincing Elvis Presley to ditch his label and sign with American Century.
Rebuffed by a loan officer, a desperate Richie approaches Maury about doing a deal with Galasso. Devon and Ingrid make the scene at Max's Kansas City. Tasked by Richie to come up with a new song, Kip and the Nasty Bits get a crash course in the blues from Lester.
After an unsettling visit with Devon and the kids, Richie weighs his options as the heat surrounding the Buck Rogers murder case is turned up. At American Century, Maury pitches a '50s compilation LP while Zak tries to fund a band for his wedding-singer, a.k.a. Xavier.
Feeling betrayed by Richie, Zak maps out a dangerous plan to bring down his partner as the Alibi label launch approaches. Kip's jealousy toward Alex threatens to derail the Nasty Bits just as they're about to take the stage for the most important gig of their career.