IBC Television executive Frank Cross is pushing for an extravagant live production of A Christmas Carol on Christmas Eve, making everyone work throughout the holiday. After showing his team a gruesome TV spot for the show, Frank fires executive Eliot Loudermilk for disagreeing with him.

Frank sends cheap IBC towels to most on his Christmas list, including his personal assistant Grace and his brother James, but the powerful and influential figures on his list get expensive VCRs. Seeing Frank's stress from the production, his boss Preston Rhinelander brings in consultant Brice Cummings for assistance, who secretly wants Frank's job.

The night before the show, Frank is visited by the ghost of his past mentor Lew Hayward, an also unloved miser who died from a heart attack seven years prior. Lew warns him three more ghosts will appear over the next day to help him avoid the same fate. Before he vanishes, the ghost contacts Claire Phillips, Frank's lost love from years ago. She comes to the network to talk to Frank, but when he's too busy she returns to her job at a homeless shelter.

As rehearsals start and Frank finishes lunch with Preston, he is visited by the Ghost of Christmas Past, appearing as a manic taxi driver. He reminds him how he used television to compensate for a cold and distant father and how he fell in love with Claire but lost her when he prioritized his television career over her.

Afterwards, Frank goes to Claire's shelter to make amends. However, his attitude quickly sours and he shows his contempt for the homeless and the workers. After an uncomfortable interaction with some of the people at the shelter, he returns to the studio after telling Claire to "Scrape 'em off. If you wanna save somebody, save yourself."

The Ghost of Christmas Present arrives as an ethereal, sweet-voiced fairy who punches, kicks and slaps Frank to get his attention. Taking him to Grace's apartment, he sees her struggling to support her large family, including her youngest son Calvin, who has remained mute since witnessing his father's death. The Ghost then shows him James, spending a humble yet festive Christmas with friends and his wife Wendie. James still defends Frank, despite his cheap gifts and refusal to celebrate Christmas with him.

The Ghost then leaves him in a frozen utility space under a sidewalk with Herman, whom he met at the homeless shelter. To Frank's shock, Herman has frozen to death. Frank desperately tries to escape, breaking through a boarded-up door leading to the set of the production. Preston directs Brice to take over rehearsals to give Frank some time off. In his office he finds a drunken and deranged Eliot waiting for him. He's ready to shoot Frank for costing him his job, family, and home.

Frank escapes into the elevator where the Grim Reaper-like Ghost of Christmas Future awaits. It takes him to a future where a now-catatonic Calvin has been institutionalized. Claire has followed Frank's advice, leading to her marrying rich, living decadently, and viewing the homeless with disgust. Finally, the Ghost shows Frank's cremation ceremony, with only James and his wife present. Frightened and remorseful, having initially mistaken James as the deceased, Frank is further shocked to find himself about to be incinerated. He breaks out and emerges from the elevator to face Eliot, elated to be alive but oblivious that he is still trying to kill him. Frank's completely changed demeanor surprises Eliot, particularly when he offers him a high-level executive position, which he accepts.

Eliot helps Frank return to the production set, where he secures Brice in the control room and breaks into the live broadcast to speak of his new appreciation for life. He apologizes on-air to Grace, James, and the cast and crew, and makes a passionate plea to Claire. Claire sees this at the shelter and heads for the network with the help of the Ghost of Christmas Past. As Frank and Claire reunite, Calvin comes up, speaking for the first time, reminding him to say "God bless us, everyone", much to Grace's elation.

Frank leads the crew in singing "Put a Little Love in Your Heart", and sees Lew, the three Ghosts, and Herman's ghost smiling and waving back to him while singing along as the show ends. Then Frank encourages everyone in the theater to sing along. Watching at home, James hails Frank as "My brother, the King of Christmas".
Cast
Alfre Woodard in 2012 (left) and Karen Allen in 2017

    Bill Murray as Frank Cross (based on Ebenezer Scrooge) (with Ryan Todd as the younger Frank Cross)
    Karen Allen as Claire Phillips (based on Belle from the original story)
    John Forsythe as Lew Hayward (based on Jacob Marley)
    John Glover as Brice Cummings
    Bobcat Goldthwait as Eliot Loudermilk
    Carol Kane as the Ghost of Christmas Present
    Robert Mitchum as Preston Rhinelander
    Michael J. Pollard as Herman
    Alfre Woodard as Grace Cooley (based on Bob Cratchit)
    David Johansen as the Ghost of Christmas Past
    Nicholas Phillips as Calvin Cooley (with Raphael Harris as an older Calvin)
    Mary Ellen Trainor as Ted
    Mabel King as Gramma
    John Murray as James Cross
    Wendie Malick as Wendie Cross
    Brian Doyle-Murray as Earl Cross
    Lisa Mende as Doris Cross
    Maria Riva as Mrs. Rhinelander
    Al "Red Dog" Weber as Santa Claus
    Jean Speegle Howard as Mrs. Claus
    Damon Hines as Steven Cooley
    Tamika McCollum as Shasta Cooley
    Koren McCollum as Randee Cooley
    Reina King as Lanell Cooley
    Kate McGregor-Stewart as Lady Censor.
    Jack McGee and Bill Hart as carpenters
    Kathy Kinney as IBC Nurse.
    Tony Steedman as Bobby
    Joel Murray, Susan Isaacs, and Lauri Kempson
    Henry Brown, Jeanine Jackson, and Amy Hill as technicians.
    Robert Hammond as the Ghost of Christmas Future (uncredited)
    Don LaFontaine as IBC Promo Announcer (uncredited).[citation needed]

Cameos
Scrooged features a number of cameos.[1][2][3][4][5][6] Cameos within the live IBC Christmas Special include John Houseman as the narrator, Buddy Hackett as Ebenezer Scrooge, Mary Lou Retton as "Tiny Tim" Cratchit, Jamie Farr as Jacob Marley, Pat McCormick as the Ghost of Christmas Present, Chaz Conner Jr. as the Ghost of Christmas Future (TV), Paul Shaffer, Larry Carlton, and David Sanborn as the Street Musicians, and Solid Gold Dancers as the Scroogettes. Lee Majors appears as himself who is the star of the IBC Christmas action special The Night the Reindeer Died. Robert Goulet appears as himself in the IBC special Robert Goulet's Old-Fasioned Cajun Christmas. Miles Davis appears as himself. Anne Ramsey and her husband Logan Ramsey cameo as Eva and Billy, Herman's friends at the homeless shelter.