How do LTE radio networks deal with co-channel interference?
Yes, LTE has its own set of techniques for dealing with co-channel interference. Collectively, these techniques are known as ICIC (inter-cell interference coordination). 

A big difference, though, is that in WiFi (until recently), typically the channel could be either busy or not; there was no concept of sharing the same frequency band, by different allocation of subcarriers to different devices. In LTE, different devices are allocated different "resource blocks" by the base station, so they can be transmitting or receiving in the same band at the same time as other devices using the same base station, and need not be interfering with each other. Read more about OFDMA to understand better how this happens.

For managing/reducing interference between cells, the base stations can coordinate the allocation of resource blocks to different phones.

The allocation of resource blocks is very dynamic, and can change every millisecond, to adapt to channel conditions, data traffic conditions, etc.