Good news: Codemasters teasing a new Overlord game has not lead up to the announcement of a free-to-play mobile game where you build minion hives, harvest fungus, and farm sheep (any Overlord worth their salt steals sheepies, for one thing). Disappointing news: the newly-announced Overlord: Fellowship of Evil [official site] is not the proper Overlord sequel you might be hoping for. Descriptive news: it’s a class-based, co-op-oriented action-RPG more about getting in and fighting yourself than leading armies of minions.
Here, come have a look in the first trailers: