Viacom's earnings are likely to be ugly - but a small corner of its empire is bucking the trend

MTV and Comedy Central owner Viacom is preparing to unwrap a "bleak" set of fourth quarter earnings on Wednesday, according to the New York Post.

Viacom issued an earnings warning in September, while international boss Bob Bakish will become its third chief executive in as many months next week after a toxic battle for control of the company. Viacom's share price has also taken a battering since August, falling more than 13%.

But there is a corner of its international empire that is bucking the trend. Channel 5, the UK broadcaster it acquired for £450 million ($559 million) in 2014, has just posted record profits.

Channel 5's annual report showed that the broadcaster made an operating profit of £58.4 million ($72.6 million) in the 12 months to 30 September 2016. This was nearly four times higher than the £14.9 million ($18.5 million) posted this time last year. Turnover also increased 19% year-on-year to £383.6 million ($476.7 million).

In a press release published alongside the annual report, Viacom said Channel 5 has been boosted by an 11% increase in original programming spend. The broadcaster has commissioned more up-market content, including the UK version of Spike hit "Lip Sync Battle" and "Eamonn and Ruth: How the Other Half Lives."

David Lynn, the president of UK, Northern and Eastern Europe for Viacom International Media Networks, said: "Channel 5 is radically different to the network Viacom first looked at buying three years ago; it has an entirely new look and just seven shows still broadcasting that were on air in 2013. This transformation has taken place under American ownership but it is being driven by original British content."