Mike Reese, yellow journalist and antihero, prints a story that leads to a gang killing, and is blacklisted from the city papers under suspicion of ties with racketeer Carl Durham. So, with a shrug, he makes the suspicion come true, then elbows his way into the editorship of the local paper in a small town where, opportunely, a sensational murder case threatens to destroy the family of newspaper magnate E.J. Stanton. When a black servant is made the patsy for this killing, Reese helps himself by helping her...but proves a dangerous ally.

At dawn, gangsters drive up to the steps of the Hall of Justice and open fire, killing underworld figure Turk Meyers and injuring district attorney Ralph Munsey. A radio news report reveals that Turk was about to testify against gambling syndicate chief Carl Durham, and that Munsey blames the shooting on the city's newspaper, which published a front-page story about the secret testimony. Reporter Mike Reese, who wrote the story, is fired, and when he cannot find another job, decides to buy half interest in a small newspaper in the exclusive New England suburb of Lakeville. Mike calls on Durham and asks him for the money he needs to invest in the paper, then goes to Lakeville and introduces himself to publisher Cathy Harris and her pressman, George R. "Parkie" Parker. When a boy bursts in with the news that Diane Stanton, the daughter-in-law of newspaper magnate E. J. Stanton, has been found murdered in the woods, Mike leaps into action, initiating a bidding war between wire services before going out to cover the story. Meanwhile, at the family home, Stanton's son Clark confesses to his father that he killed his wife because she was going to leave him. The butler tells Stanton and Clark that Diane's maid, Molly Rankin, has not come home, and that the police suspect her because Diane's jewelry was missing. Clark is delighted at the opportunity to frame someone else for the crime, declaring that no one will believe the word of a "Negro" over theirs. Stanton is revolted by his son's amorality, but agrees to the cover-up to protect the family legacy, and afterward, Clark offers a $25,000 reward for Molly's capture. Later that night, Molly shows up at the newspaper office and tells Mike and Cathy, her former schoolmate, that Diane had asked her to pawn her jewelry. Mike convinces Molly to give herself up at the newspaper office in the morning, then secretly calls Munsey to inquire about the reward. When Molly is taken into custody, however, Munsey announces in front of the gathered reporters that Mike will not receive the reward money because Molly surrendered on her own. Cathy is furious at Mike's double dealing, but when Mike learns that public opinion favors Molly, he decides to get back at Munsey by taking her side in the press, and recruits the town's leading citizens for a committee to raise money for Molly's defense. Mike meets with criminal lawyer Stanley Becker, who is pessimistic about Molly's chances for acquittal, but when Mike offers to split the defense fund with him, regardless of the verdict, he agrees to defend her. Clark urges his father to take action against Mike, and Stanton uses his influence to dissuade both the paper's advertisers and contributors to the defense committee. With public sentiment now against Molly, Mike and Becker urge her to plead guilty to manslaughter, but she refuses, and Mike is moved by her dignity. That night, Mike returns to the office to find the printing presses destroyed. Mike then gets a call from a woman who has evidence that may exonerate Molly, and vows to get the story published. He goes to Stanton's house, and when Clark hears that Mike has evidence, he tells him to call on his father in two hours. Clark then goes to see Durham, who agrees to kill Mike in exchange for approval of all stories about him in Stanton's newspapers. Meanwhile, Stanton rejects Mike's pleas to run the story, and when Mike leaves Stanton's office, he is intercepted by Durham, who delivers a vague warning that makes it clear who set him up. Mike calls Stanton and orders him to bring $25,000 to the newspaper office in two hours, then calls Munsey and tells him to come to Lakeville, but Munsey ignores him. When Durham's men break in and take Mike away, Cathy goes to Munsey, who reluctantly contacts the police. Stanton and Clark go to Durham's office, where they find the badly beaten Mike, and Durham orders them to take Mike out and kill him. The police close in, and when Clark tries to escape, Stanton shoots him. As Mike is loaded into an ambulance, Munsey tells him that Molly will be released, and Cathy proudly calls Mike a hero.