The 'trolls new look story' could be about how the trolls got a new appearance. Maybe they changed their hair color, or got new clothes. It could also be related to a makeover they had in their fictional world.
I'm not sure. It depends on the specific context and source of 'New Look'. Sometimes things presented as stories might have elements of truth mixed with fiction.
The Trolls origin story is that they come from a magical land filled with music and color. They are small, furry creatures with a love for fun and celebration. Their world was once threatened by the Bergens, who saw the Trolls as a source of happiness (which they could gain by eating them). But the Trolls managed to survive and keep their positive spirit alive through their music and unity.
Most probably not. Usually, such titles are made up for entertainment purposes rather than being based on real events. There might be elements inspired by real life, but it's not a direct account of a true story.