Late on Monday, August 10th, Google posted what can be described as a press release announcing their creation of a new company: Alphabet.
Alphabet will be a collection of companies under which Google will be housed...which means Alphabet now owns Google. As for some other changes announced in the same press release, Sundar Pichai is now Google's new CEO!
Larry Page, who scribed the press release, stated that Alphabet is not meant to become a conglomerate; instead, companies under Alphabet will develop independently within their own brand and indepence.
Read more of the press release here: http://googleblog.blogspot.com/2015/08/google-alphabet.html or head straight to Alphabet's new site, located at abc.xyz