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Navigate the Complex Ownership Structure of Waystar Royco in HBO's Succession

Navigate the Complex Ownership Structure of Waystar Royco in HBO's Succession
Waystar Royco company structure chart

Waystar Royco is a fictional conglomerate featured in the HBO television series "Succession," created by Jesse Armstrong. The show follows the lives and power struggles of the Roy family as they navigate the complexities of their family-owned business empire. While the series is fictional, it is loosely inspired by real-life media moguls and their families.

The Waystar Royco is a large, diversified conglomerate with holdings in media, entertainment, and various other industries. Although the company structure is not explicitly detailed in the show, it can be inferred that it operates as a hierarchical organization, with the Roy family at the top.

Ownership of Waystar Royco

Cincinnati Standard Stewy Hosseini The Chicago Daily Journal Quebecoise Waystar Studios Public Shareholders Waystar Royco Shiv Roy Roman Roy Maesbury Capital Print Media Domestic The London Journal Broadcast media Family Trust Shenzen Sun LNN Les Temps du Paris StarGo NCN Brightstar Cruise Lines Sandy Furness NY Globe ATN Sandi Furness Deutschland Heute The Boston Daily Express Logan Roy Beneficiaries Vaulter International Brightstar Adventure Park Kendall Roy Connor Roy Entertainment and Leisure Caroline Collingwood The Correspondent Furness Media Groups North Star Publishing

While the specific details of the ownership structure are not explicitly outlined in the series, we can infer how this investment may have impacted the distribution of shares within the company:

Logan Roy's Personal Ownership

Logan Roy, as the founder and CEO, still retains a significant portion of the company's ownership shares. Despite the investment, he continues to exert control over Waystar Royco and remains a central figure in the power dynamics within the company.

Family Trust Ownership

The Roy family trust, which benefits Logan Roy's children, maintains its portion of Waystar Royco's ownership shares. The trust continues to play a critical role in the power struggles among the family members, as control over the trust can determine influence over the company's future.

Maesbury Capital and Furness Media Investments

Following the investment by Stewy Hosseini's  private equity firm, Maesbury Capital would hold a significant portion of Waystar Royco's ownership shares. The investment deal grants them considerable influence over the company's operations and direction. Logan Roy's business rival, Sandy Furness, invests through Maesbury Capital.

Caroline Collingwood's Ownership

Logan Roy's ex-wife, Caroline Collingwood, still possesses her portion of the ownership shares, as per their divorce settlement. Her stake in the company is not directly affected by the investment from the private equity firm.

Public Ownership

Waystar Royco stock price

Waystar Royco is a publicly traded company, so funds, companies, and individuals would own a material number of shares in Waystar Royco. The best evidence of this fact is the view of the Waystar Royco stock price on Roman's phone after the events of Season 4, Episode 3.

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The Family

Roy family ownership of Waystar Royco

Key members of the Roy family involved in the company include:

  1. Logan Roy: The patriarch and CEO of Waystar Royco. He is a tough, ruthless, and strategic leader who has built the company into a global powerhouse. His health issues and potential retirement trigger a power struggle among his children.
  2. Kendall Roy: The second oldest son of Logan Roy and a high-ranking executive within the company. He is ambitious and eager to take over as CEO but struggles with personal demons and a lack of confidence.
  3. Shiv Roy: The only daughter of Logan Roy, Shiv initially pursues a career in politics but eventually becomes more involved in the family business. She is intelligent, cunning, and strategic in her attempts to gain power within the company.
  4. Roman Roy: The youngest son of Logan Roy, Roman is often viewed as the black sheep of the family. He is sarcastic, impulsive, and unpredictable but is determined to prove his worth within the company.
  5. Connor Roy: The eldest of Logan Roy's children, Connor is less involved in the family business and pursues his own interests, including a potential political career.
  6. Tom Wambsgans: Shiv's husband, who works in various executive roles within Waystar Royco, eager to climb the corporate ladder (this is a gross oversimplification of Tom).
  7. Greg Hirsch: A cousin of the Roys, Greg is a low-ranking employee who becomes entangled in the family's power struggles and corporate intrigue.

The Company

The organization operates in a cutthroat and competitive business environment, with the Roy family constantly maneuvering to maintain control and ensure the company's continued success.

Waystar Royco, as a fictional conglomerate in "Succession," does not provide an exhaustive list of its operating divisions or subsidiary companies. However, based on the events and discussions in the series, we can infer some of the key divisions and businesses that fall under the Waystar Royco umbrella:

News and Media

This division includes ATN (All The News), a prominent news network within the Waystar Royco empire that is known for its conservative slant. It is seemingly modeled after real-life news networks like Fox News.

Theme Parks

Waystar Royco owns and operates theme parks, with some episodes in the series referencing issues and incidents occurring at these parks.

Cruise Lines

The company has a cruise line division, which becomes a focal point in the series due to a scandal involving misconduct and cover-ups.

Digital Media

Waystar Royco has a presence in digital media, including online news platforms and streaming services. In the series, the company attempts to acquire a digital media startup called Vaulter to expand its reach in this sector.


The conglomerate has interests in print media, including newspapers and magazines.

Film and Television Production

Waystar Royco owns film and television production companies, creating and distributing content across various platforms.


The company is involved in telecommunications, possibly including cable, satellite, and broadband services.

Some fans of Succession have identified the groups of divisions and subsidiaries as: Print Media, Entertainment and Leisure, and Broadcast Media.

The details of Waystar Royco's divisions and holdings are not explicitly laid out in the series. The above list is based on inferences from the show's events and dialogue. As a conglomerate, Waystar Royco likely has additional interests and investments in other industries as well.


These company structure charts are fun examples of family offices, public companies, and organizational structure.

These charts are made with Lexchart for automatic organization charts.

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