One of WB artists (who wants to remain anonymous) just informed that The Looney Tunes Show will end up on 52 episode. More information you'll find at toonzone.net forums: [link]
Further posts contain screenshots from conversation with that artist.
TLTS met with mixed reviews, from WOWs to OH NOs and NEVER MORE PLEASEs, however, it is now known that it wasn't the reason for cancelling the 3rd season. From the very beginning they planned to make only 52 episodes, just to make the series running on Cartoon Network every day.
And the most sad part of this post - it is unlikely for me to appear in any of the last TLTS episodes
Petunia Pig (renamed to Patty Pig) won't appear, either...