AOL and Yahoo will merge to form a new entity called Oath. AOL CEO Tim Armstrong made the name of the new entity via his twitter account.
Verizon announced the acquisition of Yahoo for $4.48 billion in February 2017 after the purchase price was revised down by $350 million. The revised purchase price followed the disclosure of the 2013 and 2014 cyberattacks in which the data of 500 million and 1 billion email accounts were stolen respectively.
Yahoo CEO Marissa Mayer will be relieved of her duty and will not hold any managerial position in Oath.