A power struggle ensues after the death of media magnate Amos Kyne, whose corporation has been turned over to his sole heir, his foppish son Walter. Rather than run the company himself, Walter decides to let the heads of its three divisions fight it out for control. Their assignment is to score an exclusive on a serial killer who is terrorizing women in New York. The Kyne organization's newspaper dubs him"The Lipstick Killer." If a resourceful someone can identify him even before the police do, Walter Kyne will reward him with the title of executive director.