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At the N.Y.C. Power Company, the generators are disabled by an unknown force during the night. Shortly after, the satellite tracking station in Omaha reports that communications satellites are disappearing one by one. The next day, a mysterious individual known as Mr. M broadcasts a message to the country admitting responsibility for the blackouts and satellite thefts. He wants a million dollars for returning the satellites back to orbit, and assurance that cities will have their power. Spidey takes the opportunity to observe the launch of the new International Communications satellite to try and discover who is responsible for the communications blackout. He finds out that it is Magneto, and proceeds to do battle with him, and is able to stop Magneto from stealing the new satellite. Unfortunately for Spidey, Magneto then uses a magnetic bubble to attach Spidey to the satellite's rocket. Spidey adapts the satellite into a space shuttle like glider using his web fluid, and uses the on-board tracker to lead him straight to Magneto, who lies on Easter Island. Spidey then faces off against Magneto and his powerful magnetic magnifier in order to free the satellites and restore full communications to the world.
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This is the only episode in which a bad guy apart from Doctor Doom escapes at the end. 
- As with the episode featuring the Lizard, Magneto is presented as being merely a simplistic super-villain with magnetic powers rather than the misguided crusader for mutant rights he is traditionally portrayed as. 

- The title is a play on the EF Hutton ads of the 1980s