How is this news? There's info on this since almost four years now.
http://www.masterofmagic2.com/
Give it time and see what they come up with. They already said half a year ago that they are not going to produce a Master of Magic 2, but something with influences from MOM, Populous and X-Com *. They didn't buy the MOM license. There are already quite a number of MOM-inspired games.
Actually, I've stumbled over Dominions only because I was looking for a MOM substitute and neither Age of Wonders nor Spellforce nor Heroes of Might and Magic or whatever else I tried was really getting it right. There's half a dozen clone projects that stopped more or less halfway through the design phase, too. And incidentally, I've played a MOM game the whole of yesterday in DosBox, for old times sake. (I pretty much unlearned to play it effectively in hard mode)
But I think now that MOM had its time and it has long since gone past. There will be other games similar to it, but they won't be a 100% adaptation. So give it a rest and just look if those other games are maybe good in their own regard.
/rant
*) Which are, of course, all very popular games. That's PR in action for you.