Kelly Named Blockbuster President

Dish Network, the second largest satellite TV service provider in the country named long-time executive Michael Kelly as president of its new Blockbuster subsidiary, the company said Monday.

Dish acquired Blockbuster in a bankruptcy court auction last month. The satellite giant beat bids from activist investor Carl Icahn and a group of bondholders led by Monarch Alternative Capital. Dish completed the $320 million purchase last week.

"Michael was the visionary behind our acquisition of Blockbuster," Dish chairman and CEO Charlie Ergen said in a statement. "His leadership will be key to returning Blockbuster to profitability and improving the experience we offer to consumers across the U.S. and globally."