The long-time face of Nine's flagship Today program, 52, and the joint owner of podcast company 123 Podcast, Keshnee Ibrahim, 36, have irreconcilable differences, a NSW Supreme Court hearing was told on Tuesday.
Ibrahim filed an urgent application for the court to defer a meeting scheduled for Friday, fearing she would be removed as a director of the company.
Both she and Stefanovic own 45-per-cent stakes in the company that oversees The Karl Stefanovic Show.
The short-lived podcast has been on hiatus since August 24, when its namesake interviewed Stefanovic interviewed a de-aging expert.
That came two months after his controversial interview with far-right figure Stephen Yaxley Lennon, aka Tommy Robinson, triggered public backlash and Nine terminating his role as Today host.
Stefanovic's lawyer told the court on Tuesday the former TV host had agreed not to go ahead with Friday's meeting and wanted the court to decide the issue of a buyout, as early as next week.
Stefanovic agreed there had been an "irreconcilable breakdown" in the relationship and that a buyout of the shares was appropriate, lawyer Samuel Murray told the court.
But he disagreed that the company was run in a way that was oppressive of Ibrahim's interests, as she alleges.
Stefanovic instructed Mr Murray he wouldn't be seeking a valuation for the shares in the company after August 7, from which time he argued Ibrahim had no economic interest in the continued running of the company.
"The seventh of August date is important because seventh of August is before the majority of the conduct that's complained about actually occurs," Mr Murray said.
At that time, Stefanovic was promoting an interview on his podcast with One Nation leader Pauline Hanson, posting a picture of the Senator along with himself and his wife Jasmine, with the caption, "Luckiest girls in the world".
Shortly after, the channel fell silent.
The show had garnered about 23 million views on YouTube.
The parties had agreed to hire an independent valuer to determine what the company was worth and facilitate a buyout, Mr Murray said.
The former TV host agreed to hold the company meeting instead the following Friday, to which Justice David Hammerschlag objected.
"That's your client putting pressure on me, which is an invitation I'll kindly decline," Justice Hammerschlag said.
"I'll just stop the meeting until such time as the proceedings are resolved."
The matter has been set for a hearing on October 13.
10°C