filed a trademark last week for something called "Galactic Reign," specifically in the categories of "video game software," as well as "entertainment services, namely, providing online video games." This could indicate an unannounced game, but Microsoft isn't sharing any other comments on what Galactic Reign might be. Microsoft has a number of in-process deals with various developers, so this could be anything.
Companies and publishers will often file trademarks on potential or even hypothetical projects, and then change titles or cancel the games entirely before the public ever sees them. When Microsoft finally announces something called Universal Umbrella, then, we'll know what happened.