1983. Jan Stenbeck's sisters have been granted the right by a court order to sell their shares in Kinnevik to whomever they wish. This threatens Jan's control of the company and he and his advisors desperately search for a solution. The battle between the Stenbeck siblings is now fought out in public. At the same time, Jan's health is deteriorating, which worries his wife Merrill. Another personal tragedy occurs.

In 1991, Jan Stenbeck bought a farm in Luxembourg from where he runs Kinnevik. Now the battle begins for a state license for an advertising-financed television channel in the Swedish terrestrial network. The main enemy is TV4, financed by the Stenbeck family's bitter rivals, the Wallenbergs. Business-wise, Jan is at his peak, but his leadership style is becoming increasingly despotic. He agrees to a live interview for Stina Dabrowski, which turns out to be fatal.