Google will officially become 'Alphabet' today

Google is officially becoming Alphabet after markets close Friday, the company reports.

Google announced in August that it planned to blow up its corporate structure by forming a new parent company called Alphabet to allow its different businesses to operate independently and move faster.

Google's core business - which encompasses search, YouTube, and Android - will be a wholly-owned subsidiary of Alphabet, seperate from smaller units like the hardware maker Nest or "moonshot" factory Google X, which will be set up as their own companies under Alphabet as well. Each division will have its own CEO.

Today marks the company's legal filing to officially establish the structure, although there will be no change in day-to-day operations.

At market close, shares of Google stock (both Class C and A) will convert to shares of Alphabet stock, though the tickers will remain GOOG and GOOGL respectively.

Here's the full statement:

NOW WATCH: Animated map reveals the 550,000 miles of cable hidden under the ocean that power the internet

Please enable Javascript to watch this video