heroes of might and magic v is the fifth installment of the "heroes of might and magic" fantasy turn-based strategy video gameseries. the game was released by ubisoft in europe on may 16, and then in the united states and canada on may 24, 2006, with the publisher guiding nival interactive in its development. following the closure of the 3do company, ubisoft bought the rights to the "might and magic" franchise, and used "heroes v" as a means to reboot the series with a brand new setting, called ashan, and no continuity to previous titles.