Karl Stefanovic podcast dispute moves towards buyout

Former Today host Karl Stefanovic has agreed a buyout is the appropriate way forward in his dispute with podcast business partner Keshnee Ibrahim, after the breakdown between the pair reached the NSW Supreme Court.

Stefanovic and Ibrahim each hold 45 per cent of 123 Podcast Pty Ltd, the company behind The Karl Stefanovic Show. The court heard on Tuesday that their business relationship had irretrievably broken down, with the parties now moving towards an independent valuation of Ibrahim’s stake.

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Buyout emerges as preferred path

Ibrahim had filed an urgent application seeking to defer a company meeting scheduled for 18 September, amid concerns she could be removed as a director.

Justice David Hammerschlag told the NSW Supreme Court there were two broad paths available: winding up the company and having a liquidator deal with its value, or a buyout of Ibrahim’s interest.

Stefanovic’s lawyer Samuel Murray told the court his client agreed there had been an “irreconcilable breakdown” in the relationship and accepted that a buyout was appropriate.

The parties subsequently agreed to appoint an independent valuer.

Stefanovic disputes oppression allegation

Ibrahim alleges the company was operated in a manner that was oppressive to her interests. Stefanovic disputes that allegation.

His legal team has argued that the company should be valued by reference to its position before 7 August, saying most of the conduct complained about occurred after that date.

The effect, if any, of the alleged conduct on the valuation remains an issue for the proceedings.

The matter is due to return to court on 13 October.

Podcast remains on hold

The Karl Stefanovic Show has not released a new episode since 24 August. Public court reporting put the channel’s accumulated YouTube views at about 23 million.

Stefanovic launched the independent show earlier this year while still hosting Nine’s Today. In June, Nine and Stefanovic agreed he would leave the network immediately, bringing forward an exit originally planned for the end of 2026.

Nine said at the time it was no longer possible for Stefanovic to continue hosting Today while simultaneously operating his independent podcast.

The company dispute now leaves the ownership and future structure of the podcast dependent on the valuation process and the next stage of the Supreme Court proceedings.