Google's parent deflates internet-beaming balloon company

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Google's parent company is letting the air out of an internet-beaming balloon company that was providing online access from the stratosphere. The plan to shut down Loon was announced late Thursday, ending what started out nine years ago as one of Google's secret projects in its so-called “moonshot factory,' a division now called X. Google, Loon and X all are owned by Alphabet Inc., which draws upon Google's digital advertising empire finance risky ideas like internet-beaming balloons and another high-profile flop, internet-connected glasses. As reflected by its name, Loon was viewed as a crazy idea from the start.