‘Succession’ Season 3 Ending Explained: Who Betrayed Kendall, Roman, and Shiv?

Succession Season 3 ended on a shocking downer for the Roy kids. The HBO drama has always been about the battle within the Roy family to see who will get a kiss from daddy — er, who will impress Logan Roy (Brian Cox) enough to be anointed his ultimate successor. The end of Succession Season 3 Episode 9 “All the Bells Say” turned that upside down as Logan took a wild deal to essentially sell Waystar Royco to Lukas Matsson (Alexander Skarsgard) and his streamer GoJo. And in a tragic turn of events, there was nothing Kendall (Jeremy Strong), Shiv (Sarah Snook), or Roman (Keiran Culkin) could do to stop him. Not even team up.

The Succession Season 3 finale had been hyped for a while as being “upsetting” and “shocking” (by none other than Gerri herself, J. Smith-Cameron). While most people assumed that meant someone would die, the only thing dead at the end of the episode was trust and dreams. So what exactly happened? Who betrayed Kendall, Shiv, and Roy? And how did Tom Wambsgans (Matthew Macfadyen) somehow come out on top? Here’s the Succession Season 3 finale ending explained…

SUCCESSION SEASON 3 ENDING EXPLAINED: WHO DIED?

No one died! I know, shocking. Kendall didn’t die, just like we predicted! We learn that while Kendall’s life was indeed in danger after his suicidal actions at the end of Succession Season 3 Episode 8, the man made it through! (Mostly thanks to Dasha Nekrasova’s Comfry arriving in the nick of time to call for help.) This precipitates a rather awkward discussion amongst the Roy siblings upon the eve of their mother’s wedding. Basically Connor (Alan Ruck), Shiv, and Roman attempt to tell Kendall that they love him. It all backfires when Kendall refers to himself as Logan’s firstborn son, which doesn’t sit well with Connor.

Anyway! No one died! But Kendall’s attempt on his own life does spark a truly emotional conversation later in Succession Season 3 Episode 9. He finally confesses to Shiv and Roman about his role in the waiter’s death way back in Season 1. Shiv and Roman are shockingly supportive. That’s when the shit hits the proverbial fan, though, and the trio learn that their father is about to sell Waystar Royco to Lukas Mattson…

SUCCESSION SEASON 3 ENDING EXPLAINED: WHO BETRAYED KENDALL, ROMAN, AND SHIV?

Basically everyone betrayed Kendall, Roman and Shiv this week, from their mom (Harriet Walter) to good old Cousin Greg (Nicholas Braun). But it seems that one person specifically orchestrated the trio’s downfall. But let’s back up and set the scene for why their loss was so devastating…

Succession Season 3 Episode 9 opens with Logan and Roman having a meeting with the mercurial Swede Matsson. Logan explicitly asks Matsson if they have a deal and Matsson turns the pitch around, pointing out that Waystar Royco is on the descent. GoJo is on the rise. The Roys might have legacy content, but they have no future path in the ever-expanding world of streamers, digital, and online entertainment. So Matsson suggests, in front of Roman, that they have a merger of equals. Logan will have a cushy title and say in the board, but essentially Matsson will take over everything. It will give Logan a chance to cash in all his chips and know that his company will have a future… even if that means handing it all over to someone outside the family.

Roman scoffs at this, but it’s clear later that Logan is interested. When Kendall, Shiv, and Roman get a whiff that Logan skipped the wedding to make the deal, they hatch a plan. It’s actually an ironically beautiful moment. The three siblings who have been pecking at each other from day one in the hopes of impressing daddy finally realize the solution to their problem has been there all along: together, with their mother’s shares, they can oust Logan and take the company together.

However when they arrive at Logan’s villa — where the deal is taking place — it’s all for naught. Even Roman’s seismically huge decision to stand up for once to Logan doesn’t matter. Someone has tipped off Logan that the trio were coming. And Logan in turn has negotiated with Caroline to sell her shares back, rendering the kids’ one piece of leverage void. The final scene is an extra gut punch as we learn Tom is in Logan’s corner and not even Gerri will hear Roman out. (“How does it serve my interests?” Cold, Gerri!)

So the kids finally got it together, but were too late to move…

SUCCESSION SEASON 3 ENDING EXPLAINED: SO IS TOM WAMBSGAMS THE WINNER?

Tom Wambsgams might have just become the favorite Roy child, y’all! So the question of who tipped Logan off is fairly obvious. Not only is there a chilling scene where Tom asks Greg if he’s ready to make a deal with the devil, but Shiv sees Logan pat Tom on the back. While she tells her upbeat hubby that “Mom fucked us,” it’s clear she knows Tom is the one who stabbed her in the back. Tom took years of abuse, a potential jail sentence, and the knowledge that Shiv didn’t love him and turned it into a Machiavellian opportunity to seize power from under the Roy siblings. Sure, GoJo and Waystar Royco are merging, but some Roy favorites are going to benefit from that. Namely, Tom and Greg.

If you’re wondering why Tom would do this, the better question might be why did Tom wait so long? It’s been obvious from day one that Shiv treats the man like a doormat. Last week’s episode might have been the moment that Tom realized she truly doesn’t love him. So what’s a guy like Tom Wambsgams to do? Fall back on the other main motivator in his life: the deep desire to be a Roy.

Tom finally acted like Logan Roy, though, instead of one of his kids. And in doing so made a cold, calculating move that iced Shiv (and Kendall and Roman) out.

WILL THERE BE A SUCCESSION SEASON 4?

Yup! HBO has already ordered a Succession Season 4 and it will be interesting to see what that season looks like. Now the battle amongst the Roy kids won’t be to impress Logan, but to find a way to build their own power? At least that’s what Logan suggests?

Expect the whole power dynamic of the Roys to shift in Season 4, with Tom and Greg holding more sway than Kendall, Shiv, or Roman. Furthermore, keep an eye out on Connor’s presidential subplot. Will Willa (Justine Lupe) agreeing to marry him, he might have the reverse Tom Wambsgams in his corner. That is, a politically savvy person with no desire to be a Roy fighting in his corner. (Guys, I think Willa is going to ironically end up a huge power player. Just saying!)

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