Judge Tells Karl Stefanovic to 'Get On With It' in Podcast Company Dispute
A judge admonished the Australian TV host to resolve his legal battle over a podcast company's valuation, urging faster progress.
A New South Wales Supreme Court judge has urged television host Karl Stefanovic to expedite his legal dispute with former business partner Keshnee Ibrahim over their podcast company, 123 Podcast. Justice David Hammerschlag expressed frustration with delays in valuing the company, which runs "The Karl Stefanovic Show."
Stefanovic and Ibrahim each hold a 45 percent stake in the company, with accountant Anthony Bell owning the remaining 10 percent. Their business relationship has deteriorated, leading to an agreement for Stefanovic to buy out Ibrahim's share. The primary obstacle to finalizing this buyout is the company's valuation.
A joint valuation expert requested an extension from October 7 to October 12 or 13 to complete their report. Justice Hammerschlag questioned the necessity of additional time for what he deemed a straightforward valuation, stating, "I'm not putting up with this." He suggested that if the valuer could not meet the deadline, the parties should "get a better expert."
The judge then directed both sides to submit a one-page assessment outlining their perceived business worth and the methodology used to arrive at that figure. "Experts are there for the court, the court is not there for them," Justice Hammerschlag remarked.
The matter is scheduled to return to court next week. The dispute initially surfaced when Ibrahim raised concerns about her directorship, seeking to prevent a meeting where she feared removal. Stefanovic's agreement to purchase her stake is contingent on resolving the valuation issue without further delays.
According to court documents filed in September, Ibrahim's representative stated that the podcast venture began when Stefanovic approached her to build and operate the business. While Stefanovic was the public face, Ibrahim reportedly handled the operational aspects, including audience growth, sponsorship acquisition, and commercial opportunities during Stefanovic's tenure at Channel Nine's "Today Show." Ibrahim has a background in senior roles at media companies including Nine and Pacific Magazines, and served as Woolworths' head of content.