What happend to Might & Magic?

Weren't Ubisoft going to make a trilogy when they where making Heroes V and Dark Messiah?

What was the third game...?
And what happend to it?

And are there any other Might and Magic games in the works?What happend to Might %26amp; Magic?
Not Sure, but my guess is Dark Messiah sales were pretty dissapointing, so any other future versions could have been cancelled