Robin Stone, David Hemmings, a handsome, ambitious newsman at a New York television station, quickly catches the eye of Judith Austin, Dyan Cannon, wife of Gregory 'Greg' Austin, Robert Ryan, the network's powerful head. Concerned about ratings, Greg pushes to hire Robin as the station's new anchor, and Danton Miller, Jackie Cooper, the head of programming, finds himself unable to overrule his boss. Soon afterward, feeling threatened by the prospect of Robin taking his prime-time slot, Greg authorizes a bold gamble: he and the programming team decide to build a late‑night variety show around a crass, second‑rate comedian, Christie Lane, Shecky Greene, to prove that audiences crave flashy, light entertainment over more cerebral programming.
Christie Lane becomes a ratings bonanza, and Robin’s close friend Jerry Nelson, a supportive ally, arranges for the show’s sponsor to hire Amanda, Jodi Wexler, a fashion model and Robin’s occasional girlfriend, as the on‑air face of the product. After her first spot, Amanda snubs a celebratory party and goes to Robin; she is shaken when she discovers him with a nude woman and leaves the event alone. The flirtation between Christie Lane and Amanda deepens when Christie, smitten, privately proposes marriage as Amanda, in a moment of weakness and intoxication, agrees to go home with him.
Judith engineers a lunch with Robin that ends up in bed, escalating the affair. During their secret tryst, Greg suffers a heart attack, a turning point that recalibrates power in the network. Judith, who holds Greg’s power of attorney, brings Robin into a position of authority as head of the network while she accompanies her husband to Switzerland to recover. The upheaval is further complicated when Robin learns of Amanda’s suicide, a blow that unsettles him deeply.
Robin confesses the difficult truth to his friend Jerry, who agrees to provide him with an alibi in exchange for a slave bracelet engraved with Robin’s name. Back in New York, Judith returns with Greg, now recovered, and Robin’s resistance to resuming their affair pushes Judith to press Greg to reclaim control of the network, effectively demoting Robin. This struggle rattles Robin’s standing among shareholders and the industry alike, and he contemplates quitting altogether.
A trip to Los Angeles follows, where Jerry persuades Robin to attend a party at the home of Alfie Knight, Clinton Greyn. Robin invites Judith along, and the two are joined by Maggie Stewart, an aspiring actress who Sharon Farrell rebuffs him with cool politeness. Judith’s irritation grows as she watches Robin orbit the newly formed circles of Jerry and Alfie, rather than paying proper attention to her.
After most guests have departed, Judith discovers Jerry’s slave bracelet on the floor and reads the inscription, a moment that threatens to expose Robin. In a frenzy, Jerry and Alfie attempt to retrieve the bracelet, triggering a brawl that brings the police. Robin explains the confrontation as a drunken, impulsive moment aimed at Judith, hoping to minimize damage to his reputation. As he steps out of the police station, the disappointed, wary gaze of Maggie Stewart lingers in his memory, and she offers him a ride, which he declines, leaving him to face the consequences of his tangled web of ambition, romance, and televised power.
