The film follows a group of journalists working at an alternative newspaper in Boston. As the paper struggles financially, the staff members confront the potential sale of their beloved publication to a corporate buyer, raising concerns about their editorial independence. The eclectic group of reporters and editors includes an idealistic writer, a flamboyant rock critic, and a dedicated yet underappreciated photographer. The newsroom's chaotic environment and diverse personalities create a microcosm of the broader social and cultural shifts occurring during the 1970s.

As they navigate professional stresses and personal entanglements, the journalists grapple with their own aspirations and disillusionments. The paper's uncertain future forces each character to question their commitment to journalism's ideals and their place within a rapidly changing world. Alongside moments of humor and camaraderie, the film delves deeply into themes of integrity, ambition, and the inevitable compromises in the face of commercial pressures. The impending sale acts as a catalyst for self-reflection and tough decisions as the characters come to terms with their evolving identities and loyalties.