Nordic Watchlist review Vanguard – Viaplay’s fiery new biopic.
Vanguard is a bold, five-part dramatisation of Jan Stenbeck’s transformation from Wall Street financier to Nordic media tycoon. Directed by Goran Kapetanović (Caliphate, The Congregation) and written by Alex Haridi (Quicksand, Love & Anarchy), the show is based on Per Andersson’s biography Stenbeck: A Biography of a Successful Businessman. It’s a tale of ambition, innovation and personal sacrifice, told with a sharp eye for both historical context and human complexity.
The drama chronicles the rise of Jan Stenbeck, a real-life Swedish media mogul. It is being marketed as Viaplay’s answer to Succession, but with a Nordic twist. Stenbeck’s vision is radical. At 35, Jan is living the high life in New York, working at Morgan Stanley and romancing American socialite Merrill McCloud (played by Zoe Boyle). But tragedy strikes, and Jan is pulled back to Sweden to helm the family’s industrial empire, Kinnevik.
What follows is a seismic shift, not just in his life, but in the entire Nordic media landscape. He rejects the legacy of steel and forestry and instead pushes Kinnevik into telecom and broadcasting. His most audacious move is breaking Sweden’s telephone monopoly and launching TV3, Scandinavia’s first commercial channel.
Jakob Oftebro (Kids In Crime)leads the cast as Jan Stenbeck, delivering a performance that earned him Best Actor at both the Kristallen Awards and the Monte-Carlo Television Festival. His portrayal of Jan Stenbeck is nothing short of magnetic. With a commanding presence and emotional range, Oftebro captures the contradictions of a man who is both visionary and volatile. His performance is layered: one moment he’s a charismatic disruptor charming boardrooms and media circles, the next he’s a vulnerable son grappling with grief and legacy. Oftebro makes the character’s internal conflicts feel raw and immediate. (That said, Vanguard isn’t without its critics. Some have found the portrayal of Jan too sanitised, glossing over controversial aspects of his personal life.)
The series excels in portraying the tension between tradition and innovation. Malin Crépin plays Margaretha, Jan’s sister and staunch defender of the old ways. Their sibling rivalry is one of the show’s emotional anchors, highlighting how family loyalty can be tested by divergent visions of the future. Margaretha acts as Jan’s ideological foil. Crépin’s portrayal is steely and resolute, embodying the old guard of Swedish industry with conviction. The sibling dynamic between Crépin and Oftebro crackles with tension, especially in scenes where family loyalty clashes with corporate ambition. Crépin’s ability to convey both affection and opposition makes Margaretha one of the series’ most compelling figures.
Zoe Boyle, as Merrill McCloud, brings warmth and complexity to a character who could have easily been sidelined. Her chemistry with Oftebro adds emotional weight to Jan’s New York chapter and her scenes offer a glimpse into the personal sacrifices behind his public success. Boyle’s performance is understated but poignant, grounding the whirlwind of ambition with moments of tenderness and doubt.
The supporting cast adds texture and authenticity to the narrative. Julia Marko Nord, Iggy Malmborg, and Nils Wetterholm each bring distinct energy to their roles, whether as boardroom allies, media strategists, or family confidants. Their performances help flesh out the world around Jan, showing how his decisions ripple through personal and professional spheres.
What makes the ensemble truly effective is their collective restraint. Vanguard isn’t a show of melodrama, it’s a study in tension, ambition and quiet rebellion. The actors understand this, delivering performances that are emotionally resonant without ever tipping into excess. Their work elevates the series from a historical retelling to a character-driven drama that feels very human.
Visually, Vanguard is sleek and stylish. The cinematography captures both the opulence of Jan’s New York life and the austere boardrooms of Swedish industry. The pacing is brisk, with each 45-minute episode packed with boardroom battles, media launches and personal reckonings.
What is most notable is the show’s ambition and execution. The series has drawn comparisons to Succession, but where HBO’s hit revels in cynicism, Vanguard leans into the emotional cost of ambition. Jan’s meteoric rise is shadowed by loneliness, strained relationships and inner turmoil. The final episode, featuring a poignant scene of Jan preparing his favorite meal (mashed potatoes with caviar) underscores the emptiness that can accompany success.
Thematically, Vanguard explores power, transformation and the human cost of disruption. It’s a Greek tragedy set in the boardroom, where ambition drives innovation but also isolates. The show captures a pivotal moment in Swedish history, the shift from industrialism to capitalism, and does so with nuance and urgency.
Vanguard is a compelling watch for fans of business dramas, biopics and character-driven storytelling. It’s not just about Jan Stenbeck – as many outside Sweden may not have ever heard of the media mogul – it’s about the price of vision, the fragility of family and the relentless march of change.
Vanguard has its premiere on Viaplay USA from 18th November and Viaplay UK from 24th November