Larry Page announced yesterday that Google, Inc. will become a wholly-owned subsidiary of a new company called Alphabet, Inc. Run by Page and Sergey Brin, Alphabet will also own Google X, Google Ventures, Google Capital, and all other Google entities. Sundar Pichai, former SVP of Product, will take over as CEO of Google, Inc.

Ben Thompson of Stratechery questions why all of Google's disparate ventures should be a part of the same company at all. Page's decision to form Alphabet challenges not only the assumptions about how business should be conducted, Thompson says, but more importantly the means through which progress is achieved.

Insight Venture Partners, a New York-based VC and PE firm, announced the close of two growth equity funds that total $4.75B. IVP has made 153 investments in 118 companies, according to CrunchBase, and counts Path, Shopify, and New Relic among its recent exits.

Benedict Evans of Andreessen Horowitz dives into a series of charts about mobile and Internet-connected devices, produced by UK media regulator Ofcom. More people overall say that they'd rather give up their cellphone than lose their TV if they had to choose, but younger age groups disagree.

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