Well, this is certainly old news. The TV series is still alive and is still airing on CN. Take a look at their most recent schedule. LBT is airing again on Monday:

Then straight after, they're airing a full LBT movie. LBT is so far from dead.

Man, just looking at these other shows that are next to LBT, what happened to all the good quality shows that are supposed to teach children life lessons? It seems that nowadays all they show are shows about taking whatever you want and just taking up a half hour doing nothing. -_-