I'm still gainfully employed working on +Google TV - no it isn't dead, and yes it will support Cast.
With the exciting news about Chromecast we are getting a lot of questions mostly wondering if Google TV is dead. 

No, in fact partners are continuing to launch new Google TV-enabled HDTVs and boxes. As we announced at I/O, we are working with partners to bring the latest experience of Android and Chrome to devices later this year. We believe there is ample room for both products to exist and succeed.
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