Changing a report owner

We have a user who left our company and we are trying to reassign a report to a different owner so we do not lose the report.  Any suggestions?  Is sharing the only option? Will sharing give the other user all functionality and then may I delete the user who left the company to free up a license?  The bottom line is we do not want to lose the visibility to this information as we switch users.  Thanks for any help you may offer!

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