The film begins with a disclaimer: Only the most ridiculous parts of this story are true. After years of covering one armed conflict after another, American journalist Simon Hunt is in Bosnia and Herzegovina in early 1994 reporting on the Bosnian War.
In parallel, he has managed to romance a local Muslim girl who is pregnant with his child. However, in the late stages of her pregnancy, she is killed by the Bosnian Serb forces when they overrun her village. Upon seeing the carnage, Simon vows revenge on the Bosnian Serb political leader Dragoslav Bogdanović —known as “The Fox”.
Reporting on the gruesome event later that day in a live remote link-up, Simon loses his composure at the network anchor Franklin Harris’ suggestion that the Serb attack may have been a reaction to Muslim provocation attacks from inside the village. As a result of his on-air meltdown, Simon’s journalistic career takes a tumble. While his professional prospects spiral downhill, those of his long-time camera man Duck go in the opposite direction.
Duck gets a cushy job at the network, while Hunt is left following war after war, as a freelancer, in an attempt to get back on the US network television map. All the while, Simon’s looking for a story big enough to propel him back to the realm of credibility.
In fall 2000, Duck, now a professional, travels to Sarajevo to a “puff piece” of the network anchor Franklin Harris covering the fifth anniversary of the Dayton Agreement, along with the fresh-out-of-Harvard young journalist, and son of the network vice-president, Benjamin. Duck runs into his old buddy Simon.
Once a US network star reporter, Simon is, by this point, a desperate half-drunk cynic reduced to filing freelance reports for underfunded news outlets in places like Jamaica and Poland. Convinced by Simon, Duck comes along to shoot the interview, with Benjamin in tow.
On the way, Simon confesses his plan to capture the Fox to collect the bounty — something Duck and Benjamin consider insane even to think about. Along the way, the group is mistaken for a CIA hit squad by several groups, including the United Nations police force and the Serbs themselves.
At the last moment, a team of CIA assassins, tipped off by Boris, storms the barn and frees the journalists, but Fox escapes. It quickly becomes evident to the journalists that, even in the international community, there are people who do not wish the Fox to be captured.
The film ends with the capture of The Fox, who is released in a village filled with the surviving family members of his victims, where he is lynched by the vengeful mob.
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