Re: Never understood why there were two organizations in the first place
IANA was a US agency. It was and is under the US government.
IANA was broken off from the US government so it could be handed over to an international body.
ICANN is the international body that came along to take IANA off the USA's hands.
After a handover, ICANN will likely consume IANA so that IANA can never be taken away from it. Then they'll be just the one body, where IANA will be a department within it.