Seven years after suffering a mental breakdown during a performance of "Hamlet" at the New Burbage Festival, Geoffrey Tennant is struggling to make ends meet, managing the dilapidated Theatre Sans Argent (Theatre Without Money). Oliver Welles, still the artistic director at the festival, is mounting his tenth identical production of "A Midsummer Night's Dream", and is worried that his has lost his creative edge. Richard Smith-Jones, general manager of the festival, attempts to save the funding as their sponsor, Lenstrex, goes through a change of management. The new Lenstrex liaison, Holly Day, seems interest in the festival, and in Richard. Kate McNab, an actress making her debut in the play, is shocked that her high school drama teacher wants to give up his teaching career to act in the festival.

With last season's Macbeth the toast of Broadway, Geoffrey is under pressure to deliver another hit. The play he has chosen is an even greater challenge, King Lear. Terrified to climb this Everest alone, he seeks out his ghostly mentor, Oliver Wells. But Oliver is nowhere to be seen. As for Ellen, Geoffrey's on again/off again lover, she is too busy taking Geoffrey's panic personally to be of any help. So Geoffrey turns to his boyhood hero Charles Kingman, who he coaxes out of retirement to play King Lear.

Richard discovers a kindred spirit in Nigel, the talented young writer of East Hastings. With Nigel's encouragement, and a few tips from Geoffrey, Richard takes on Darren's musical dictatorship.

While Oliver looks on smugly, Andrew forces Geoffrey to confront his feelings about his ghostly nemesis. The bond between Sophie and Paul is weakened by Paul's increasing fascination with Megan and her singing voice.

Ellen gets offered a lead role in a new tv series and Geoffrey is now living with Charles. But on opening night for Lear, Charles goes missing. This causes Richard to step in and take drastic measures, which Geoffrey is against.

Geoffrey and Anna must join forces in order to convince Charles to play Lear. All the tension that has been rising in the actors eventually leads them into a bar brawl.

Thanks to Charles, Lear gets canceled and Geoffrey's future at the festival is in doubt. Also Ellen finally fires Barbara. The end of the series also ends in typical Shakespearean fashion, with a wedding and a song.