McGraw-Hill's S&P Dow Jones Indices has made a change in one of its iconic products. After the close of trading on July 8, the S&P 500 will be home to media research conglomerate Nielsen Holdings (NYSE:NLSN). The stock replaces big telecom operator Sprint Nextel (NYSE:S).

Nielsen Holdings will also be added to the index's research and consulting services sub-industry category.

S&P Dow Jones Indices said the reason for the change is Sprint Nextel's looming merger with Japan's SoftBank. Following that, its public float will probably drop below the 50% required for stocks to remain on the index.

Fool contributor Eric Volkman and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.