When Verizon (VZ) - Get Verizon Communications Inc. Report closes the $4.48 billion purchase of Yahoo!'s (YHOO) operating business, the New York telecom plans to rebrand the digital business containing the iconic Internet brand and the AOL under the name Oath.

AOL boss Tim Armstrong tweeted the new name on Monday, following a report on Business Insider. Verizon did not immediately say whether the Yahoo! and AOL brands would survive. 

After a pair of cyber attacks that rocked Yahoo! last year and led to a $350 million mark-down in the deal value, Verizon may want to signal a commitment to subscribers and advertisers of the digital business. 

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The deal is yet to close. Verizon has said that the combined AOL and Yahoo! would have 1.3 billion users and $7 billion in sales.

Yahoo! CEO Marissa Mayer and CFO Kenneth Goldman will step down following the transaction.

Meanwhile, after the sale Yahoo! will take the name "Altaba Inc." and trade under the ticker AABA. The operation will own the company's stakes in Alibaba (BABA) - Get Alibaba Group Holding Ltd. Sponsored ADR Report and Yahoo! Japan, which account for the bulk of Yahoo!'s $44.5 billion market cap.  Yahoo! board member Thomas Mcinnerney, a former CFO of IAC/InterActiveCorp IACI and Ticketmaster, will take Mayer's place as CEO.