In 2016, Roger Ailes (John Lithgow) held the powerful position of chairman at Fox News, tightly controlling the network's operations from the second floor of its headquarters. The film intricately weaves the narratives of three notable women working at Fox News. Roger, appointed by Rupert Murdoch (Malcolm McDowell), has been influential in shaping Republican presidential elections since the Nixon era.
Megyn Kelly (Charlize Theron), a leading figure at the network, braced herself to moderate a Republican presidential debate. Despite receiving pushback from her peers, she stood resolute in her intention to confront Donald Trump about his derogatory remarks towards women. On the debate day, she falls ill and vomits, but she pushes through and poses her difficult questions. However, Trump's subsequent tweets incite a torrent of harassment directed towards her, leaving Megyn distressed as she realizes she has become the focal point of the narrative instead of merely reporting it.
Following some time off, she encounters further harassment, including rude comments and an intrusive paparazzo targeting her family. Although the network assigns her a security team, they still refuse to take a stance against Trump. Meanwhile, Roger, paranoid about the debate’s fallout, suspects that Megyn was deliberately poisoned.
Former co-host of Fox and Friends, Gretchen Carlson (Nicole Kidman), faces her struggles when she is replaced and demoted to a less prominent afternoon slot. After enduring relentless sexist remarks, Gretchen decides enough is enough. With her legal team, she learns about the dismissal of Rudi Bakhtiar ([Nazanin Boniadi]) due to refusing sexual advances from her superior. They suggest a legal battle against Roger Ailes directly, but Gretchen understands that she will need substantial evidence, along with support from other women. Confident that others will back her, she heads back to the studio.
Kayla Pospisil (Margot Robbie), a young and fervent conservative who idolizes the Fox News brand, starts her career working for Gretchen. However, receiving a promotion to join Bill O'Reilly's flagship program comes with its own challenges. At one point, Gretchen makes a powerful statement on air by ditching makeup to promote women's empowerment, only to be met with harsh criticism from Roger, which Kayla witnesses. Despite Gretchen's offer of protection, Kayla opts for the promotion. Upon joining O'Reilly, she soon finds herself belittled by him in her new role.
As Trump continues to vocally attack Megyn, she is inundated with hate mail. Reporting her ordeal to Roger and the Fox legal team offers little comfort as they insist the network’s Trump-supporting audience necessitates a truce with him. Under pressure from Roger, Megyn must make an on-air statement reconciling her relationship with Trump.
After a post-work gathering, Kayla and Jess Carr (Kate McKinnon) share a night together, although Kayla maintains that she is not a lesbian, leading to personal confusion between them. Kayla is then invited to Roger's office, eagerly anticipating a promotion. However, she is met with unsettling advances as Roger requests she display her legs and more. Uncomfortably, she complies to a degree, leaving the encounter feeling violated. When discussing it with Jess, she is met with sympathy yet feels isolated in her experiences.
As Megyn prepares for an interview with Trump and faces backlash over her perceived leniency, Gretchen begins to speak out against gun violence during her segments, ultimately ending up in Roger’s crosshairs. A significant turning point occurs when all three women find themselves in the same elevator, setting in motion a series of events that will change their lives. Following her termination, Gretchen courageously files a lawsuit against Roger, stoking Fox's internal fire.
Under mounting pressure, Fox demands that its female employees publicly endorse Roger, while Megyn holds her silence, revealing to her team that she, too, suffered harassment. Despite the aftermath of Gretchen’s suit producing little immediate support from other women, investigators uncover distressing accounts of harassment perpetrated by Roger and his colleagues.
In her quest to bring more women forward, Megyn embarks on a journey of discovery, reaching out to those who had similar experiences. Eventually, she learns that Kayla, too, has faced harassment, and they unite their voices against the toxic culture at Fox. Kayla grapples with her feelings of betrayal and confusion but finds strength in the truth and the shared experiences of other women.
As the investigation unfolds, Megyn ultimately steps forward, igniting a devastating chain reaction in Roger's downfall. The revelation that multiple women have come forward with testimonies serves as a critical blow to his reputation. Susan Estrich (Allison Janney) reveals to Roger that Gretchen’s recordings contain undeniable proof against him.
In his final moments at the helm, Roger meets with Rupert, where they outline the terms of his departure. While gathering at the Republican National Convention, Megyn learns of Roger's ousting. As Kayla prepares to leave Fox, she transforms her situation, no longer accepting the harassment she endured and tossing her badge as Jess watches, optimistic for what lies ahead. Gretchen, surprising herself with a settlement of twenty million dollars and an apology from the network, contemplates her next move, exclaiming, "maybe" when faced with the constraints of a non-disclosure agreement, symbolizing her journey's fight for justice.
