Intended for Modern-format play, the new Modern Masters (2015 Edition) will include 249 cards from recent sets from the planes of Zendikar, Mirrodin, Ravnica, Lorwyn, Kamigawa, and Alara. Several cards will feature new artwork. The first Modern Masters set, released in June 2013, was an English-only release (see “'Magic: The Gathering--Modern Masters'”), but this new set will include English, Japanese, and Chinese Simplified language releases. WotC is planning a "Triple Grand Prix" weekend on May 30-31 in three international locations, including Las Vegas.
Each box will contain 24 booster packs (rather than the normal 36), and include 15 random cards, including one premium card per pack. MSRP is $9.99/pack.
The set will follow the final Khans of Tarkir set release, Dragons of Tarkir, which releases in March (see “'Magic: The Gathering--Dragons of Tarkir'”). Khans of Tarkir will be the final three set block release (see “Major Changes to 'Magic: The Gathering'”).