Stahr encourages Kathleen to join Lang's secluded rehearsal, leaving him alone on Christmas Eve to contemplate his choices. Brady hopes for a Christmas miracle as he schemes to boost ticket sales for "Angels on the Avenue." Kathleen must pay a sinister price for stardom. Rose helps Kitty prepare for a dangerous surgery. Celia and Max are brought closer by tragedy.
With Pat Brady's back against the wall, he proves his worth as a studio head in pursuing film star Margo Taft. Monroe must manage two demanding bosses as Louis B. Mayer takes a driving role in Brady American. Rose seeks a new outlet in her life. Celia forms a connection with office boy, Max Miner. Monroe's relationship with Kathleen blossoms as they let their guard down.
Monroe's personal life heats up as he pursues the beautiful Kathleen, who pushes against the idea of being a replacement for Minna. Pat Brady's pet project has a devastating debut, forcing him to accept Monroe's help. Celia gets cozy in her role as producer, so Hackett takes it upon himself to give her an education.
From F. Scott Fitzgerald's last work, The Last Tycoon follows Monroe Stahr, Hollywood's Golden Boy as he battles father figure and boss Pat Brady for the soul of their studio. In a world darkened by the Depression and the growing influence of Hitler's Germany, The Last Tycoon illuminates the passions, violence and towering ambition of 1930s Hollywood.