Karl Stefanovic and his business partner, Keshnee Ibrahim, are seeking a legal resolution to their fractured partnership in their joint podcast venture, 123 Podcast, after an “irreconcilable breakdown” in their business relationship, the New South Wales Supreme Court heard on Tuesday.

The dispute comes as the court considers how best to divide the holdings in the company that produces The Karl Stefanovic Show. Stefanovic, well known as the former host of Nine’s flagship Today program, and Ibrahim, who each own 45 percent stakes in 123 Podcast, have been unable to resolve their differences, prompting judicial intervention.

Ibrahim, 36, had applied urgently to defer a company meeting scheduled for 18 September, expressing concerns about potential removal from her role as a director. Stefanovic, 52, has acknowledged the complete breakdown of their partnership and indicated a preference to buy out Ibrahim’s interest in the company.

Justice David Hammerschlag outlined two possible outcomes during the hearing: either the company could be wound up on an equal basis with a liquidator appointed to determine its value, or Stefanovic could proceed with a buyout of Ibrahim’s shares. The judge emphasized that the primary point of contention was determining the value of the company for such a buyout.

Stefanovic’s legal representative, Samuel Murray, told the court that his client had agreed not to proceed with the upcoming meeting, seeking a judicial determination of the buyout issue as early as next week. Murray rejected Ibrahim’s claims that the company’s operations were “oppressive” toward her interests, although he accepted that the partnership had irreparably failed.

A key focus during the hearing was the proposed valuation date of the company. Stefanovic’s lawyer argued that the value should be assessed as of 7 August, prior to much of the conduct that reportedly led to the breakdown in relations. This date was highlighted by Stefanovic’s promotional activities, including a podcast interview with One Nation leader Pauline Hanson, widely circulated on social media at that time.

Justice Hammerschlag refrained from ruling on how the 7 August date might influence the valuation, instructing both parties to agree on an independent valuer and submit their figures for consideration. After a short adjournment, the parties concurred on a third-party valuer.

“There’s going to be a buyout,” Hammerschlag stated, noting that the impact of any alleged oppressive conduct on the valuation remained a matter for future consideration. The judge scheduled a further hearing for 13 October and expressed hope that the dispute could be resolved through settlement.

The Karl Stefanovic Show, which has been on hiatus since 24 August following Stefanovic’s controversial interview with far-right figure Stephen Yaxley Lennon (known as Tommy Robinson) and his subsequent departure from Nine’s Today program, has amassed approximately 23 million views on YouTube.