Karl Stefanovic urged to buy out partner or dissolve podcast company

Karl Stefanovic faces having to buy out his business partner Keshnee Ibrahim or liquidate the company behind his fledgling podcast after their “irretrievably broken-down” relationship led her to secure court orders on Tuesday blocking him from ousting her from their business.

The fate of the Karl Stefanovic Show rests largely in the hands of a forensic expert who will have to value the business that has been floundering without the participation of its namesake broadcaster for more than five weeks.

On Tuesday, Justice David Hammerschlag of the NSW Supreme Court issued orders preventing Stefanovic from ousting Keshnee Ibrahim, also known as Keshnee Kemp, from the company ahead of a hearing on October 13 that will determine how much he has to pay her for full ownership of their joint business.

Hammerschlag told the parties there were two options to resolve their “irretrievably broken-down relationship”: either to agree to a buyout or liquidate the company. Both sides agreed a buyout was preferable, but are at odds over the price.

Sources close to Ibrahim who were not authorised to speak publicly said Stefanovic downed tools more than five weeks ago and refused to record any more episodes of The Karl Stefanovic Show unless Ibrahim resigned from her role as a company director.

The pair had fallen out over the future direction and ownership of the show after disagreeing over the events leading up to an interview with British far right convicted criminal Tommy Robinson, which led Nine (owner of this masthead) to sack Stefanovic.

That cost the broadcaster his multimillion-dollar annual salary from the media company, prompting him to demand a larger slice of the podcast, sources said. At present, Stefanovic owns 45 per cent, his accountant Anthony Bell has 10, and Ibrahim’s family own the remaining 45 per cent.

A solicitor for Stefanovic called the decision to appoint an independent valuer “a great result for fans of Karl and the podcast show”.

Before the hearing, Ibrahim’s lawyer Monica Allen lodged documents with the court accusing Stefanovic of running the podcast venture in an “oppressive ... unfairly prejudicial … or unfairly discriminatory” manner by trying to oust her from the company.

The parties have been unable to agree on a value of the company behind the podcast for more than five weeks, though sources said Stefanovic had made “low ball” offers to buy out Ibrahim from her equal stake in the business.

Stefanovic’s lawyers requested that a valuation of the company be determined for its value “pre-August 7”, which is when Stefanovic withdrew his services. Stefanovic has also allegedly threatened to withdraw the licence to his image and name, sources familiar with the matter said.

Ibrahim has been close friends with Stefanovic’s wife, Jasmine, since their childhood.

The task of determining the valuation of the podcast will be determined by FTI Consulting managing director Michael Kanan.

The Karl Stefanovic Show has not published any episodes since August 24, when Stefanovic interviewed “de-aging” men’s surgeon Buck Parker. All content published after August 7 was pre-recorded, this masthead was told.

Stefanovic has taken a holiday to Europe while the matter has reached the courts. Neither he nor Ibrahim have personally commented on the dispute.

The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.

You have reached your maximum number of saved items.

Remove items from your saved list to add more.