TLDR
NSW Supreme Court Chief Judge in Equity David Hammerschlag refused Stefanovic's lawyers an extension for an expert valuation report in the 123 Podcast Pty Ltd buyout dispute, ordering one-page position papers instead. The fight turns on which date values Keshnee Ibrahim's 45% stake, a choice that matters because the show went silent on 24 August 2026.
KEY TAKEAWAYS
What the judge ordered on 2 October
Chief Judge in Equity David Hammerschlag had little patience for delay. On 2 October 2026, he refused Karl Stefanovic's lawyers an extension for their expert valuation report in the buyout dispute over 123 Podcast Pty Ltd in the NSW Supreme Court, ordering both sides to file one-page position papers on their proposed valuations and methods instead.[1]
"I'm not putting up with this. It's not a complex valuation," Justice Hammerschlag said.[1] On the state of the expert evidence, he said three words: "Get a better expert."[1]
Justice Hammerschlag also put the expert's obligations plainly. "Experts are there for the court, the court is not there for them," he said.[1] The matter returns on 13 October 2026.[2]
Why the valuation date is the real fight
Karl Stefanovic and Keshnee Ibrahim each hold 45% of 123 Podcast Pty Ltd, with Anthony Bell owning the remaining 10%.[2] Ibrahim filed urgent proceedings in mid-September 2026 alleging the venture was run oppressively to her detriment, and both sides agreed to an independent buyout rather than a wind-up.[3]
Stefanovic's legal team has argued the valuation should be pegged to 7 August 2026, before most of the conduct Ibrahim complained of.[2] The valuation date remains contested. The podcast went silent on 24 August 2026, so a date on either side of that silence values a very different business.
The Karl Stefanovic Show launched in February 2026, accumulated roughly 23 million cumulative YouTube views, and has produced no new episodes since 24 August 2026.[2] When a show with that reach goes dark, whether a valuation is struck before or after the silence is the substance of the case, not a procedural footnote.
Justice Hammerschlag's refusal to grant more time keeps the court in control of the timetable. The order requiring one-page position papers forces both parties to commit to a method and a number before 13 October, limiting the room to shift ground once a new expert is engaged.[1]
The celebrity-podcast valuation problem
Stefanovic left the Nine Network's Today show in June 2026 after controversy over his independent podcast became public, binding his personal brand and the company's value to the same moment in time.[4] A valuation of 123 Podcast Pty Ltd is, in practical terms, a valuation of his audience pull at a specific date.
Australian courts will face this problem more often as the celebrity-podcast sector matures. When a host is the only real asset, standard discounted cash-flow methods struggle: the revenue stream is personality-dependent, the audience is mobile, and a show can go from 23 million views to zero new episodes in weeks.
Justice Hammerschlag serves as Chief Judge in Equity in the NSW Supreme Court, the division that handles complex corporate disputes including shareholder oppression claims.[5] The next hearing is listed for 13 October 2026.[2]
SOURCES & CITATIONS
FREQUENTLY ASKED QUESTIONS
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Xaviery Malinao writes for Prompt the Market on how brands and agencies are adapting to answer engines, drawing on Bushnote's work with clients across search, AI search and content.
