JMS made a very surprising and exciting announcement yesterday (see the entire thread for additional details):
To answer all the questions, yes, it’s true, Babylon 5 is in active development as a series for the CW. We have some serious fans over at the network, and they’re eager to see this show happen. I’m hip deep into writing the pilot now, and will be running the series upon pickup.— J. Michael Straczynski (@straczynski) September 27, 2021
The original Babylon 5 was groundbreaking in many ways - the serialized 5-year story arc, the special effects, and the complex web of events and genres woven together. Moreover, JMS developed rich, 3-dimensional characters, many of whom underwent profound transformations during the course of the series. For all of these reasons, I've been very resistant to the idea of a "reboot"; why try to "improve" or recreate something which is already so good. However, with JMS at the helm and the commitment of telling a different story with some of the same elements mixed in (not stepping into the same river twice), I am very excited to see this next chapter in the Babylon 5 universe. It is also noteworthy that Claudia Christian said that the surviving actors from the original series will be involved in the new show in some fashion.