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The assets are being acquired by private investment firms WaveDivision Capital LLC and Searchlight Capital Partners LLC.
"We have substantial work ahead,” said the Norwalk firm’s president and CEO Dan McCarthy.
Net loss for the third quarter was $38 million – a significantly better than the second quarter's net loss of $662 million.
Total revenue was down 11.7 percent hit year-over-year to $2.3 billion.
The Norwalk company cut its quarterly dividend from $0.105 per share to $0.04 per share, a 62 percent reduction.
Most recently CFO at Cable & Wireless Communications PLC, McBride spent more than a decade at Frontier earlier in his career.