Thankfully, the pair don't see each other as competition.
“We are competing for different audiences,” new dad Peter told the publication.
“That is what is great about him being back into that world because it is the same world that I am in; news and politics which is what he does so well, and sport, and we just share our views.”
Peter even used some of his time off to catch up on his brother's TV antics.
“I enjoy watching Karl, he looks energised and happy to be back and I know that he is,” he said.
“They [Today] do a good show, Sunrise does a great show as well, it is a tough contest that one because they are both doing well.”
Peter and his wife Sylvia Jeffreys welcomed their son, Oscar, in early February.
The couple announced Oscar's birth by sharing another adorable snap on Thursday along with the caption: “Our beautiful boy, Oscar Hamilton Stefanovic.”
They added: “3.4kg, deep blue eyes and perfectly healthy. He’s absolute magic.”
Meanwhile, Karl and his wife Jasmine Yarbrough are expecting their first child together this year.
The couple were seen in Melbourne earlier this month as they headed out for a birthday dinner at St Kilda's Stokehouse restaurant.
Karl lashed out recently over his divorce from ex wife Cassandra Thorburn.
Cass and Karl called it quits on their 21-year long marriage in 2018. They share three children together, Jackson, 19, Ava, 13, and River, 12.
The Today show host said he is baffled as to why their separation was "such a big deal".
"Personally, it was a bit hard because I thought a lot of people do go through relationship difficulties and, unfortunately, for me that was in a very public way, but that’s what happens when you’re a public person," Karl revealed to Neil Mitchell on 3AW.