If the control panel, lights & fan work, and when you enter some time & hit start it makes fan noise and rotates the food (if applicable), then it does sound like a dead magnetron. This happened to an old (black with faux wood grain panels & lots of big knobs) GE microwave we had growing up...it looked & sounded like it was working, but the food was still frozen after it went "ding". A repairman came out, diagnosed it as a dead magnetron, charged my parents $25 for the visit, then left us to try to find an appliance sale.
Have you experienced any funny behavior? Like the LCD display blinking on & off, or the microwave stopping unexpectedly in the middle of cooking, or the control panel going unresponsive until you unplug the unit & plug it back in? If so, that would point to a faulty controller board...this happened to me recently, and is apparently a very common problem with modern microwaves.
In either case, it can be fixed, but doing so will require taking the microwave down anyway, plus the cost of the part & labor would likely exceed the cost of a new microwave plus delivery & installation costs (especially when Abt has one of their many free delivery and/or free installation deals going).
If you're up to the task, I've seen name-brand over-the-stove microwave/vent units on sale at Costco once in a while for quite cheap, but you'd have to put it up yourself. A friend of mine (one with very little prior home improvement experience) put his GE unit up himself using the included instructions, and it works & hasn't fallen down yet