Yahoo and AOL are to be merged by Verizon into a single organisation named Oath.

The move comes after Verizon's multi-million pound takeover of Yahoo's internet business and would give the new company a consumer base exceeding a million across more than 20 brands.

The new name was announced by Tim Armstrong, chief executive of AOL, on his personal Twitter page, where he said: "Billion+ Consumers, 20+ Brands, Unstoppable Team. #TakeTheOath. Summer 2017."

Verizon announced that it was purchasing Yahoo's core internet properties in July last year, paying $4.83 billion in cash.

An AOL spokeswoman had hinted yesterday (April 3rd) that news on the combined venture was forthcoming, telling Business Insider UK that it would be launching "one of the most disruptive brand companies in digital" in summer this year.