It has been replaced by Age of Sigmar, which is very different, but is worth giving a go if you feel so inclined. The rules are free after all. I was pleasantly surprised by my first game. Some rules are a bit strange, but it's a more streamlined game, which I find appealing. The narrative isn't very good at the moment though, so that's the downside to this game in my opinion.
Fantasy Battle still exists, as a group of gamers have created a ninth edition over at the Ninth Age forum. The rules there are all free too and there are quite a few people involved with that, so you have this option too. The narrative is still under development, but I would hope that it's going to be similar to that of the Old World, perhaps just moving the time line forwards.