AOL and Yahoo will combine into one company with the name Oath

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Verizon has plans to make AOL and Yahoo one company, it will go by the name of Oath.

The move was confirmed on Twitter by AOL chief executive Tim Armstrong.

The Tweet read: “Billion+ Consumers, 20+ Brands, Unstoppable Team. #TakeTheOath. Summer 2017.”

Verizon is buying Yahoo’s internet business for around $4.8bn (£3.6bn) in cash, the deal is set to close in the current quarter.

The remaining parts of the Yahoo business, which also includes a 15 per cent stake Alibaba and Yahoo Japan, will be given the name Altaba.