Karl Stefanovic’s podcast business partner has launched urgent Supreme Court proceedings in an effort to stop the former television star from removing her from the venture they established together.
Keshnee Ibrahim lodged an application with the Supreme Court on Monday seeking to block Stefanovic, 52, from ousting her as a director of 123 Podcast Pty Ltd at a meeting due to be held on Friday.
Ibrahim is also asking the court to require Stefanovic to purchase her 45 per cent shareholding in the company at a fair market value.
The court move represents a significant escalation in the fallout between the former business partners, who launched The Karl Stefanovic Show podcast earlier this year.
The company was registered in February, with Stefanovic and Ibrahim each holding 45 per cent, making them the joint major shareholders.
Anthony Bell, Stefanovic’s accountant and business adviser, owns the remaining 10 per cent and is not involved in the dispute.
Karl Stefanovic’s podcast business partner has filed urgent Supreme Court action to prevent the TV star from forcing her out of the venture they built together. Pictured: Stefanovic
Sources said Ibrahim had repeatedly sought an independent valuation of the business before any possible buyout, but talks reportedly stalled about a month ago.
The acrimonious dispute follows the breakdown of Stefanovic’s relationship with Ibrahim in August, after his sudden departure from Nine’s Today show on June 25.
Stefanovic lost 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, without further explanation.
Sources familiar with the dispute claim tensions between Stefanovic and Ibrahim escalated rapidly after the episode was published.
Stefanovic has reportedly told associates it was Ibrahim’s responsibility to obtain Nine’s clearance for the Robinson interview.
But sources for Ibrahim have categorically rejected that claim, saying 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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