John V. Norwall, the editor of Newlywed magazine, finds himself caught in a series of tumultuous events that challenge both his career and personal life. Keen to make a mark, he enlists the talents of emerging photographer Ken Carter to create a striking cover image for the publication. The chosen photograph features a couple fleeing from a gunman—a dramatic scene that ends up angering the magazine's publisher, leading to John's dismissal. Disgraced but undeterred, John vows to launch his own magazine, Pagan, where he hopes to enjoy greater editorial independence and creative freedom.
At home, John's relationship with his fiancée, Diane, played by Linné Ahlstrand, becomes strained when she urges him to marry immediately, but he dismisses her proposal. In a moment of drunken whimsy, John steals a Venus de Milo statuette from an antique shop, intending to use it as an inspiration for his magazine. Noticing a striking resemblance between the statuette and Peggy Brandon, a waitress at a nearby bar played by Danica D'Hondt, he invites her to model for Pagan as "The Living Venus."
In their efforts to attract investors, John and Ken take softcore photos of Peggy, hoping these images will garner financial support. When they fail to get enough funding, they pawn Ken's camera to buy a new typewriter. Success comes when they secure initial funding from Max Stein, a somewhat shady publisher, and subsequent support after the first issue proves to be commercially viable.
However, John's personal life begins to intertwine more complexly with his professional ambitions. Diane contacts him, desperate for him to attend the wedding she has planned, but he fails to show up. This leads to a confrontation with Diane and her father at his apartment, resulting in a heated disagreement. Meanwhile, John attempts to start an affair with Peggy, who is also being pursued by Ken. When Peggy informs John that Ken has proposed marriage, he responds by offering his own marriage proposal to her and hires Geoffrey Page, a photographer played by Lee Hauptman, to replace Ken at Pagan. John then persuades Peggy to give up her modeling career to serve as a “promotions manager,” promoting advertisements by seducing clients—a role she finds reluctant and increasingly turns to alcohol to cope with.
Despite its initial success, Pagan begins to falter as John and Geoffrey become more absorbed with romantic pursuits rather than managing the magazine effectively. Meanwhile, Ken finds his own success as a fashion photographer. Peggy, now struggling with her dependency, encounters Ken during a shoot and finds solace in his support. She shortly thereafter arrives at a tense staff meeting and confronts John, who reacts violently, slapping her and calling her an alcoholic.
As Pagan approaches its second anniversary, Max Stein announces he will cease further financial backing, suggesting John bring Ken back on board. Peggy, sober at this point, shows her unwavering feelings for John by attending the celebration. However, John dismisses her romantic gesture, leading her into a binge that tragically ends with her drowning in a swimming pool during the party. At Peggy's funeral, Max reveals that he has hired Ken to replace John—leaving the embattled editor without a job or a romantic future, symbolizing the end of an era marked by ambition, betrayal, and personal loss.
> "Sometimes the only way to find yourself is to get lost."
