Verizon to call merged Yahoo, AOL company Oath

April 4 (UPI) -- Oath will be the name of the company when Verizon acquires Yahoo and merges it with AOL.

Business Insider first reported the new name and then AOL CEO Tim Armstrong confirmed it, posting on his Twitter account Monday afternoon: "Billion+ Consumers, 20+ Brands, Unstoppable Team. #TakeTheOath. Summer 2017."

On Tuesday, he said on CNBC's Squawk Box: "We wanted something that would be a name that would connect all the brands -- Yahoo, AOL, Huffington Post, TechCrunch, Gadget."

Armstrong said the Yahoo and AOL brand names will remain.

"The world is going digital," he said. "Brands are going to win the Internet."

A spokeswoman for AOL said to CNN: "In the summer of 2017, you can bet we will be launching one of the most disruptive brand companies in digital."

In July, Verizon announced it acquired Yahoo's core Internet business -- search, mail, content and ad-tech businesses -- for about $4.8 billion in cash.

But after it was revealed Yahoo had two massive security breaches affecting more than one billion users Verizon and Yahoo agreed in February to cut the acquisition price by $350 million and to split the cost of any legal liabilities resulting from the breaches.

The remaining Yahoo assets -- mostly investment holdings in Alibaba -- will be renamed Altaba.

Marissa Mayer, Yahoo's CEO, will step down from the board of that company once the sale is complete.

The Yahoo-Verizon deal is scheduled to close in the second quarter of this year.