Business Insider was the first to report the news, which was later made official by AOL CEO Tim Armstrong.

A big rebranding campaign is expected to launch Oath. There is no word if the Yahoo branding will live on or if this is the end for a company ubiquitous with the early internet. The current AOL team, led by Tim Armstrong, is expected to lead Oath management while current Yahoo CEO Marissa Mayer will not be involved.

Verizon purchased Yahoo last year for $4.8 billion. This was followed by news of Yahoo's major data breach that knocked off hundreds of million off the price. The purchase is expected to go through some time in the second quarter of 2017.

A spokeswoman for AOL also revealed the expected launch date for Oath.

"In the summer of 2017, you can bet we will be launching one of the most disruptive brand companies in digital," revealed the spokeswoman to Business Insider.

It's an odd name

The new name is kind of awkward, there's no way around it. Yahoo always had to it, and AOL is a standard corporate name, but Oath sounds like a cult.

The Oath name also happens to fit in nicely with the brand's new slogan: Take the Oath. Tim Armstrong unveiled the hashtag in the tweet officially announcing the name.