George Newman is a daydreamer whose hyperactive imagination keeps him from holding a steady job. His uncle decides George would be the perfect man to manage Channel 62, a television station which is losing money and viewers fast. When George replaces the station's reruns with bizarre programs such as "Stanley Spadowski's Clubhouse", "Wheel of Fish" and "Raul's Wild Kingdom", ratings begin to soar again. Mean-spirited and cynical mogul R.J. Fletcher becomes furious that the UHF station is getting better ratings than his network's programming. Because of gambling debts, the uncle is forced to consider selling the station to Fletcher, who would only too happily shut down (he cannot legally own two stations in the same town). George and his friends organize a 48-hour telethon to raise the money by selling investment stock from Channel 62 to save the town's new favorite station.