The pending merger of Yahoo and AOL, which will happen once Verizon completes its acquisition of Yahoo, will create a new division with a new name.

According to its sources, Business Insider reported that the new name is Oath, a fact that was later confirmed by AOL's CEO.

Yahoo Acquisition By Verizon

In July of last year, Verizon announced that it will acquire the core internet business of Yahoo for around $4.8 billion. However, after Yahoo revealed that over a billion user accounts had certain details compromised in two separate cyberattacks launched against the company, Verizon recently decreased its offered purchase price by $350 million.

There were reports that Verizon was having second thoughts on whether to proceed with the acquisition of Yahoo, but it seems that the transaction is still happening, albeit at a slightly lower price tag than what was initially stated.

Once completed, one of the effects of the deal will be the merger of Yahoo with the AOL unit of Verizon under executive VP and president of product innovation and new businesses Marni Walden. Verizon, meanwhile, will be receiving the search, email platform, and ad-tech businesses of Yahoo.

Business Insider was the first to report that the Yahoo and AOL merger would form a new company named Oath, adding that a big branding campaign will be launched over the coming weeks.

Yahoo, AOL To Form Oath

After the report by Business Insider broke out, AOL CEO Tim Armstrong confirmed the name of the new company through Twitter.

"Billion+ Consumers, 20+ Brands, Unstoppable Team. #TakeTheOath. Summer 2017," Armstrong tweeted, along with an image of the new company's logo.

An AOL spokeswoman later added that this summer, "one of the most disruptive brand companies in digital" will be launched.

Marissa Mayer Will Not Be Part Of Oath

A report by Recode, meanwhile, claims that Yahoo CEO Marissa Mayer will not be a part of Oath once it is formed.

The terms of the departure of Mayer is still being discussed, but her exit is not much of a surprise. One thing that will be interesting to see would be if Mayer would still get a hefty severance pay and other forms of remuneration despite the cybersecurity issues that Yahoo suffered under her lead.

According to Recode's sources, Oath leadership will be made up of a combination of executives from Yahoo and AOL, with the focus to be on products and engineering for the whole combined company.

Oath And Altaba

After Verizon channels the internet assets of Yahoo into its own business, as the company looks to use the billion users on Yahoo to create an online advertising company that can challenge Facebook and Google, the remaining assets of Yahoo will be renamed Altaba.

Yahoo is nearing its end as the Verizon acquisition deal nears completion, with the company known for its iconic name in the digital age now splitting into Oath and Altaba. There is still a chance that the Yahoo brand will live on though, as the name remains well-known, despite the controversy that it recently went through.

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