Karl Stefanovic’s podcast business partner has launched urgent Supreme Court proceedings to prevent the former television host from forcing her out of the venture they built together.
Keshnee Ibrahim filed an application in the Supreme Court on Monday seeking to block Stefanovic, 52, from removing her as a director of 123 Podcast Pty Ltd at a meeting due to take place on Friday.
She is also asking the court to order Stefanovic to purchase her 45 per cent share in the company for a fair market price.
The legal move represents a dramatic escalation in the dispute between the pair, who launched The Karl Stefanovic Show podcast earlier this year.
The company was registered in February, with Ibrahim and Stefanovic each holding a 45 per cent share and serving as its joint major shareholders.
The remaining 10 per cent is held by Anthony Bell, Stefanovic’s accountant and business adviser. Bell is not involved in the dispute.
Karl Stefanovic’s podcast business partner has launched urgent Supreme Court action to stop the TV star from forcing her out of the venture they built together. Pictured: Stefanovic
Sources say Ibrahim repeatedly suggested commissioning an independent valuation of the business before a possible buyout, but discussions broke down about a month ago.
The bitter conflict follows the collapse of Stefanovic’s relationship with Ibrahim in August, several weeks after his shock dismissal from Nine’s Today show on June 25.
Stefanovic lost both his role and seven-figure salary after Nine executives took action over his podcast interview with British far-right figure Tommy Robinson.
The controversial interview was uploaded to streaming platforms before being removed by 123 Podcast Pty Ltd within days. No further explanation was given.
People familiar with the dispute claim tensions between Stefanovic and Ibrahim intensified quickly after the episode was released.
Stefanovic has reportedly told associates that Ibrahim was responsible for securing Nine’s approval for the interview with Robinson.
However, sources speaking for Ibrahim have strongly rejected that account, insisting the interview was Stefanovic’s idea.
“Karl himself identified Robinson as a prospective guest and is recorded as being ‘very keen’ to interview him,” a source told news.com.au.
Keshnee Ibrahim (pictured) filed an application in the Supreme Court on Monday seeking to prevent Stefanovic from removing her as a director of 123 Podcast Pty Ltd at a meeting scheduled for Friday
Ibrahim, who is a close childhood friend of Stefanovic’s wife Jasmine, has an extensive background in TV and publishing. (Pictured: Karl and Jasmine Stefanovic with Ibrahim and her husband)
‘He has his own lawyers and management and was responsible for his own editorial decisions.’
The dispute comes after Stefanovic allegedly told Ibrahim he wanted to take control of the podcast venture she had helped establish and invested her own money into.
It remains unclear how much money the podcast was generating before it went into hiatus on August 24, when buyout negotiations between the founding shareholders stalled.
The Karl Stefanovic Show had amassed 215,000 YouTube subscribers last week and attracted sponsors including Rode microphones, wellness brand Revive5 and wagering company Neds.
Clothing company Ringers Western, which was also a sponsor, walked away from the podcast earlier this month.
The bitter legal battle is a far cry from earlier this year, when Ibrahim publicly praised her business partner and described him as a ‘machine’.
‘After getting up at 2.30 in the morning for the Today show and then filming a load of interviews every week, it’s a massive workload. Thankfully he just loves it, absolutely loves it,’ she told Mumbrella in May.
The pair are joint major shareholders in the company, which was registered in February, with each holding an equal 45 per cent
‘We both believe in what it can be, so to see the numbers is reassuring and gives us the energy to keep going at that scale.’
Ibrahim, an accomplished brand marketer, has reportedly played a major role in building the podcast around Stefanovic’s existing commitments.
‘For the first six months he was still employed full-time by Nine,’ a source said, adding that she did ‘a significant amount of the work to build and operate the business around Stefanovic and his commitments at Nine’.
Her responsibilities included driving the podcast’s business and content strategy, production and episodic planning, as well as managing platforms, sponsorships, marketing and commercial relationships.
Ibrahim, who is a close friend of Stefanovic’s wife Jasmine, has an extensive background in TV and publishing.
She previously edited Who and Cosmopolitan magazines and served as head of video and acting head of digital at Pacific Magazines.
Ibrahim has known Jasmine and her family since childhood after the pair grew up together in Queensland and have remained best mates for decades.
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