Ubisoft hasn’t completely done away with the Might and Magic franchise, having recently released Might and Magic: Clash of Heroes – Definitive Edition in July. However, the last mainline entry was Might and Magic X: Legacy in January 2014.
That could change in the future, as @Kurakasis on Twitter recently discovered two new domains for Might and Magic: FATES. There were also two job listings at Ubisoft Shanghai (currently working on Skull and Bones) for World Director and Senior Brand Manager. Both are for Might and Magic, but the former asks for experience with open-world titles, while the latter is for marketing a “new Might and Magic AAA game.”
It’s highly likely that the Might and Magic: FATES is an open-world game, which isn’t surprising given that it’s Ubisoft. Whether it will play more like Dark Messiah: Might and Magic or something else remains to be seen, but it’s something for fans of the series to look forward to. Stay tuned for more details and potential announcements in the coming months.