Ubisoft and the Chinese development studio known as TQ Digital. The original Might and Magic series, considered by many to be a classic example of the early PC roleplaying game genre, was rebooted by Ubisoft in 2006 with Heroes of Might and Magic V, and later with Dark Messiah of Might and Magic.
The new MMORPG, Heroes of Might and Magic Online, is slated for closed beta in May 2010. The game will marry elements from an early entry in the franchise, Heroes of Might and Magic III, to the visual upgrades established in the last two Ubisoft games, culminating in a 2.5D massively multiplayer experience featuring a turn-based persistent world. (Perhaps similar to the 3D but turn-based Atlantica Online.)
The game will feature eight factions, sixteen classes, and a variety of campaign missions. Additionally, TQ Digital will be hosting a variety of PvP events, including Team PK, Extreme PK, and various Guild combat events. You can register for the closed beta as well as visit the official website, and don't forget to stay with Massively for more info on Heroes of Might and Magic Online as it becomes available.