Business Insider:

Google just announced a brand new operating structure.

It is now a subsidiary of a company called Alphabet, which has Larry Page as CEO. The CEO of Google is Sundar Pichai.

“Alphabet Inc. will replace Google Inc. as the publicly-traded entity and all shares of Google will automatically convert into the same number of shares of Alphabet, with all of the same rights. Google will become a wholly-owned subsidiary of Alphabet.”

This is blockbuster news breaking as we speak.