After being fired and replaced by his wife and co-anchor, Veronica, leading to a breakdown in their marriage, Ron Burgundy is given a second chance at stardom when he's recruited to join New York's first 24-hour news channel, GNN. Eager to return to the limelight, Ron gathers his old news team: field reporter Brian, sportscaster Champ, and meteorologist Brick. With the group's signature blend of ineptitude and bravado, they relocate to the Big Apple, determined to bring their old-school mentality to the dawn of round-the-clock news coverage.

At GNN, Ron and his team are relegated to the graveyard shift. Undaunted, they decide to revolutionize the format by delivering the news in a wildly sensationalist manner that panders to audiences rather than traditional newsworthy criteria. The strategy pays off with skyrocketing ratings, rejuvenating the team's careers, and transforming the news network. However, success breeds its own challenges, including the strain it places on Ron's personal life and the ethical quandaries it raises about the role of journalism. Meanwhile, Ron and his team must also contend with a slick rival anchor who embodies the new age of cable news.