When Verizon completes its multi-billion takeover of Yahoo, it will combine the latter with AOL and call the company ‘Oath’, according to a tweet by the chief executive of AOL.

On Monday Tim Armstrong tweeted that the two companies would combine a billion-plus consumers across more than 20 brands and would launch in summer 2017.

Last July, Verizon confirmed that was buying Yahoo’s core internet properties for $4.83bn (£3.88bn) in cash.

It said that the time that it would combine Yahoo's search, email and messenger business as well as ad technology tools with its AOL unit. It bought AOL the previous year for $4.4bn.

Yahoo, which was founded in 1994, controlled a significant part of the market in the early days of the internet, but has since struggled to compete with the likes of Alphabet’s Google and even Facebook.

In recent years, Yahoo has been marred by a series of security breaches compromising more than one billion accounts.

The world’s most valuable brands Show all 10 1 /10 The world’s most valuable brands The world’s most valuable brands 1st - Google Google replaced Apple as the world’s most valuable brand, with a brand value of $109.5bn, according to Brand Finance The world’s most valuable brands 2nd - Apple Apple’s brand value declined from $145.9bn to $107.1bn in 2016 The world’s most valuable brands 3rd - Amazon Amazon's brand value rose from $69.6bn to $106.4bn in 2016 Amazon The world’s most valuable brands 4th - At&t Of the 40 telecoms brands in the ranking, AT&T in 2016 overtook Verizon as the most valuable brand rising to $87bn from $59.9bn the year before The world’s most valuable brands 5th - Microsoft Microsoft's brand value rose marginally from $67.3bn to $76.3bn in 2016 The world’s most valuable brands 6th - Samsung Amazon's brand value rose from $58.6bn to $66.2bn The world’s most valuable brands 7th - Verizon Verizon's brand value inched up from $63.1bn to $65.9bn The world’s most valuable brands 8th - Walmart Walmart's brand value rose from $53.6bn to $62.5bn The world’s most valuable brands 9th - Facebook Facebook's brand value increased sharply from $34bn to just shy of $62bn The world’s most valuable brands 10th - ICBC ICBC saw its brand value rise to $47.8bn from $36.3bn. It was the most valuabe financial brand in the world in 2016 replacing Wells Fargo

Last month the company announced that chief executive Marissa Mayer would not receive her 2016 cash bonus.