In September 1975, longtime anchor Howard Beale of the UBS Evening News receives the crushing news from his friend and news division president, Max Schumacher, that he has only two more weeks left on the air due to plunging ratings that have been in decline since 1969. His Home Use Television (HUT) ratings have dropped from 16 to 8, with his audience share plummeting from 28 to 12.
That very night, Beale creates a shocking announcement to his audience, declaring his intention to commit suicide during the next Tuesday's newscast. Despite UBS's desperate attempts to fire him immediately, Schumacher steps in to ensure Beale receives a dignified farewell, all while grappling with his own mounting pressures within a news division facing an annual deficit of $33 million.
At the annual stockholder's meeting, CCA's CEO, Frank Hackett, reveals a strategy to make the news division more accountable to the local network instead of its current independence. Schumacher, blindsided by the revelation, is infuriated as this severely curtails his influence. Meanwhile, Edward George Ruddy, the CEO of UBS and Schumacher's boss, insists that changes are necessary.
Promising to apologize for his outburst, Beale instead goes on a passionate tirade about life being "bullshit." Although the network wishes to cut him off the air, Schumacher sees an opportunity for himself too, allowing Beale to continue airing his raw thoughts. This resonates with viewers, causing ratings to surge, which intrigues the UBS executives, who decide to capitalize on Beale's newfound popularity.
As events escalate, Programming Chief Diana Christensen persuades Hackett to take control of Beale's show, asserting that it could financially save the network with ad spots potentially reaching $100,000 per minute. Despite Hackett's reservations—especially after the disarray following Beale's last public outburst—executives resign themselves to the decision, even at the risk of angering the formidable news division.
Amidst the chaos, Beale’s visceral expression ignites a nationwide movement as he famously declares, > "I'm as mad as hell, and I'm not going to take this anymore!" Soon, he reigns over a new program named The Howard Beale Show, captivating audiences and boosting his show to national prominence, reaching the remarkable rank of #4—which had only been achieved by a news program once before.
While Schumacher's marriage to Louise begins to crumble amid the show’s soaring success and their personal relationship blooms, Christensen reaches out to Schumacher, promising to transform Beale's image further. However, their collaboration grows tense when Schumacher seeks to shift away from Beale's "angry man" format to prioritize Beale's well-being, prompting Christensen to undermine his authority.
Eventually, the show takes a darker turn as ratings start to falter when Beale shifts his narrative towards the alarming realities of society, which audiences find overwhelming. With pressures mounting, Jensen warns Beale to forsake his critical message for a new "Evangel," claiming business is power. Despite this pressure, when the situation gets dire, the UBS executives, believing they've become victims of Beale’s influence, plot to have him assassinated live on air.
The chilling climax culminates in Beale's death, marking the end of The Howard Beale Show and giving rise to the new series The Mao Tse-Tung Hour. As the screen fades, a cold voice-over concludes, "This was the story of Howard Beale: the first known instance of a man who was killed because he had lousy ratings."
