Alphabet, Google's parent company, will form a new holding company intended to finalize the evolution of its reorganization as its subsidiaries move further away
from search and advertising.
The new company, called XXVI Holdings Inc., will own the equity of each Alphabet company -- including Google. The structure legally separates Google
from Verily, Nest, Waymo and "other" bets. It takes the subsidiaries out from under Google's wing and place them in the holding company to become directly under Alphabet.
Google cofounder
Larry Page announced Alphabet nearly two years ago. It wasn't quite clear at the time why he left the smaller companies under Google, until now. The name -- XXVI -- in Roman numerals represents the 26
letters in the alphabet.
Google also is changing from a corporation to an LLC. Search, Gmail and YouTube will remain with Google.
First reported by Bloomberg, Alphabet's new structure
was disclosed in a filing on Friday with the Federal Communications Commission, which is required by companies that hold FCC licenses such as Waymo and its fiber Internet businesses.