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WideOpenWest names new CEO, completes sale of Chicago fiber assets to Verizon

Steven Cochran has retired from his position as CEO of WideOpenWest Inc. and as a member of the company's board.

The company appointed Teresa Elder as CEO and member of the board, effective Dec. 14. Cochran will continue as an adviser to the company through June 30, 2018.

Elder previously was president of wholesale and strategic partnerships at Clearwire from 2009 to 2011. Clearwire is now owned by Sprint Corp.

In other company news, WideOpenWest closed the sale of a portion of its fiber network in the company's Chicago market to a subsidiary of Verizon Communications Inc. for $225 million in cash. WideOpenWest expects to use the proceeds from the sale to cover the expenses of existing debt obligations related to the company's revolving credit agreement and to reinvest in the company's business.

Moreover, WideOpenWest and Verizon struck a new construction agreement under which WOW will complete the build-out of the network in exchange for about $50 million. The final build-out of the network is expected to be completed during the second half of 2018.

Additionally, WideOpenWest's board authorized a stock repurchase program, commencing immediately, that will enable the company to repurchase an aggregate of $50 million of its outstanding common stock. The repurchase program is expected to be executed over the next 12 months.