I have no idea how this flew underneath my radar…but apparently at SDCC, JMS mentioned his plans for Babylon 5.
He’s said many times that Warner Bros owns all the TV rights to Babylon 5, and that he’ll never see more money from TV. However, when he negotiated the deal with WB, he managed to retain feature film rights for himself. It seems that WB would still get a cut, making it highly unlikely any other studio would touch the project – but JMS doesn’t have just any other studio in mind…he has Studio JMS, which now has had enough success that it is feasible for it to fund a feature film. So now he plans to have a script done by 2015, and WB will have one year to decide to move forward with it – otherwise in 2016 Studio JMS will do it.
It isn’t certain what form the movie would take, but whispers across the Interweb seem to indicate that it will be a reboot of some form.