Karl Stefanovic buys out his podcast partner

Former Today host Karl Stefanovic has bought out his podcast partner for an undisclosed amount after months of turbulence over the new media venture, leading to a legal stoush.

Stefanovic has not worked on the podcast for two months after falling out with Keshnee Ibrahim (nee Kemp), who owns 45 per cent of the business behind The Karl Stefanovic Show.

The dispute was set to reappear in the NSW Supreme Court next week, with an independent expert appointed to assess the value of the company so Stefanovic could buy his partner out. The case has now been dropped by Ibrahim following the settlement.

Stefanovic and Ibrahim were approached for comment.

Stefanovic launched the podcast earlier this year ahead of a widely anticipated exit from Nine’s Today show, where he had been a mainstay for the past two decades. But in June, Nine cut ties with him after a controversial interview with British fascist and criminal Stephen Yaxley-Lennon, also known as Tommy Robinson.

Court documents released last month showed the relationship between Ibrahim and Stefanovic had broken down “irretrievably”, with Justice David Hammerschlag of the NSW Supreme Court telling the pair they must either to agree to a buyout or liquidate the company.

Both agreed that a buyout was preferable.

At the time, a source close to Ibrahim who was not authorised to speak publicly, told this masthead that Stefanovic had 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 show’s direction and ownership of the podcast after disagreeing about the events leading up to the Robinson interview. Stefanovic’s exit from Nine left him with little income outside the proceeds of the fledgling podcast.

Ibrahim owned 45 per cent of the company behind the show, 123 Podcast Pty Ltd. Stefanovic also owned 45 per cent and celebrity accountant Anthony Bell owned the final 10 per cent.

Under the arrangement, Stefanovic will acquire Ibrahim’s stake in the company and she will also step down as a director, a spokesperson told The Australian Financial Review.

Stefanovic is now expected to take control of the accounts behind The Karl Stefanovic Show, with engagement to his channels dropping dramatically during the time he has not been working. The show has published seven pre-recorded interviews since Stefanovic downed tools.

Several of the episodes were released without advertising partners attached, which is the primary source of revenue for a podcast like Stefanovic’s.

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

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