Karl Stefanovic is facing a financial squeeze and a bitter Supreme Court dispute over his podcast business as his television payout dwindles.
The former Channel Nine presenter is attempting to remove his business partner, Keshnee Kemp, from their joint company after the fallout from an interview with far-right figure Tommy Robinson cost him his network job.
Stefanovic reportedly requires between $100,000 and $200,000 a month to maintain his $20 million property portfolio and his lifestyle with his wife, Jasmine, and their daughter.
His network funds are expected to run out by the end of the year following a six-figure settlement on his $2 million contract.
The podcast row centres on 123 Podcast Pty Ltd, where Stefanovic and Kemp hold equal 45 per cent stakes. Stefanovic reportedly regrets not keeping a controlling share in the business.
Supreme Court dispute
Kemp, whose married name is Keshnee Ibrahim and full legal name is Keshnee Deborah Ibrahim, launched urgent action in the New South Wales Supreme Court on Monday through her lawyer, Monica Allen of BlackBay Lawyers.
She sought an injunction to block a company meeting scheduled for September 18, and filed documents overnight to prevent a vote aimed at removing her as a director.
Stefanovic had planned to combine his shares with a 10 per cent stake held by his financial adviser, Anthony Bell, to vote Kemp off the board at a contentious meeting scheduled for Friday morning, and replace her with his manager, Sharon Finnigan.
Justice Hammerschlag granted the injunction stopping the meeting. The judge ordered the appointment of an independent expert to value the business ahead of a potential share buyout.
The company is understood to be worth more than $2 million, with the valuation expected to be fiercely contested unless the parties agree to a settlement before a court hearing on October 13. The judge said he would welcome "some sort of mediation".
In her filings, Kemp alleged Stefanovic engaged in conduct that was "unfairly prejudicial or discriminatory" after the podcast was suspended in August.
Tommy Robinson fallout
The crisis stems from a June 22 episode of The Karl Stefanovic Show featuring Tommy Robinson, during which Stefanovic called the British Prime Minister, Sir Keir Starmer, a "w**ker".
The episode was removed from the internet within 12 hours amid a public backlash. Stefanovic left Today days later.
The controversy ended Stefanovic's 25-year association with Nine, where his contract was due to expire in December. He earned an estimated $2.8 million a year as Australia's highest-paid television presenter.
The podcast had secured more than $1 million in sponsorships and around $80,000 a month in revenue since its launch in January.
The debut episode, featuring One Nation leader Pauline Hanson criticising Prime Minister Anthony Albanese, Labor and the ABC, drew more than 300,000 YouTube views. Subsequent guests across 66 episodes included Mr Albanese and billionaire Clive Palmer.
Early backers included Rode Microphones, wellness brand Revive5, and betting firm Neds. Ringers Western, a country clothing brand Stefanovic wore during the Hanson interview, did not renew its sponsorship this month.
Podcast sponsorship
No new episodes have been released in three weeks, apart from a pre-recorded interview with Adrian Portelli broadcast on Wednesday night. Advertising revenue has stalled.
Kemp, a former magazine editor, Nine producer and Woolworths social content strategist, spent five months securing commercial partnerships for the show while Stefanovic was still hosting Today.
At launch, she said she was "proud" of the project, which grew from holiday conversations. She wrote that Stefanovic "absolutely loves people, talking to people and bringing out the nuances and very human experience of their stories".
The dispute has severed personal ties. Kemp and Jasmine Stefanovic, who were childhood friends, have unfollowed each other on social media.
Kemp posted an Instagram photograph of the departures board at Sydney International Airport on Wednesday, indicating she may be travelling overseas.
Property portfolio
Stefanovic's monthly expenses include funding a multimillion-dollar redevelopment of a property in Castlecrag on Sydney's north shore.
The couple bought the house for $3.2 million in 2021 and recently secured approval for a $4.5 million rebuild featuring a lift, wine cellar, television equipment room, and storage for surfboards, bicycles and tools. They also own Villa Isabelle, a $3.6 million holiday house at Sunshine Beach near Noosa.
Stefanovic faces a funding gap as he attempts to transition to a sole income stream from the podcast, while facing a potential buyout of Kemp's stake and a payout tied to her directorship.
He remains bound by directors' duties to the podcast company and is taking advice from Mr Bell, described as a celebrity accountant and longtime friend.
Industry figures speculate Stefanovic may launch a new production entity if 123 Podcast is wound up following next month's hearing.
The Daily Mail has asked Finnigan when the podcast will resume, and contacted Nine to clarify if Stefanovic remains on the network's books in any capacity.
