A long-running live radio show is in danger of being canceled by new owners of the company that holds both radio station "WLT" and the theater where the show is broadcast. The film takes place on the night of the show's last performance. The show has two visitors: an angel calling herself Asphodel comes to comfort the people who work on the show and to escort one of them to the afterlife, while "the Axeman", a representative of the new owners, arrives to judge whether the show should be canceled. He makes it clear that the show is not what he considers modern popular programming, and though he too is escorted by the angel, the show is shut down anyway. In an epilogue at the end of the film the former cast members are reunited at Mickey's Diner. Their conversation pauses as they are joined by Asphodel.

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