Howard Beale (Peter Finch), an acclaimed anchor at the UBS Evening News, is put out to pasture because he is too old.
News division president Max Schumacher (William Holden), Howard's best friend, is forced to deliver the decision.
Beale can't stomach the idea of losing his 25-year post as anchorman simply because of age, so in his next broadcast he announces to the viewers that he's going to commit suicide on his final program.
The network wants Beale immediately fired, but Schumacher gives him a chance to apologize on the air.
What he doesn't count on is Beale using this camera time to go off on another tirade that to everyone's surprise resonates with the audience.
Seeing an opportunity to harness Beale's "mad as hell" energy, the head of programming, Diana Christensen (Faye Dunaway), suggests Beale be given his own show.
Although Max and Diana disagree on this business proposal, they initiate a personal relationship that complicates matters further.
Driven by her tireless efforts to succeed, Diana drives Max away as Beale's show becomes more crazed.
And as those working in media know, fans are fickle and when Beale's ratings drop, Diana and the network execs cancel his show permanently.