The Verge report that CW are developing a Babylon 5 reboot with series creator J. Michael Straczynski as executive producer and writer. Warner Bros provided this description:

In a from-the-ground-up reboot of the original series, John Sheridan, an Earthforce officer with a mysterious background, is assigned to Babylon 5, a five-mile-long space station in neutral space, a port of call for travelers, smugglers, corporate explorers and alien diplomats at a time of uneasy peace and the constant threat of war. His arrival triggers a destiny beyond anything he could have imagined, as an exploratory Earth company accidentally triggers a conflict with a civilization a million years ahead of us, putting Sheridan and the rest of the B5 crew in the line of fire as the last, best hope for the survival of the human race.

Straczynski later tweeted a response to questions which were updated into The Verge piece. His tweets touch on a variety of things but in terms of what the reboot will be, he clarifies that it won't be a continuation or retelling. Using some of the same elements he's writing a new story with his more refined writing skills and living in a world which has changed much since the 1980s.

A few weeks earlier Straczynski had hinted at a Babylon 5 return via Twitter. Though in August he publicised putting himself forward to take over Doctor Who.

[ Main Image: Babylon 5 station. Credit: Warner Bros via Den of Geek. ]

References

Hollister, Sean (September 27, 2021) The beloved Babylon 5 is getting rebooted, and series creator JMS is running the show. The Verge.

Johnston, Rich (September 13, 2021) J. Michael Straczynski Gives Slight Tease For The Return Of Babylon 5. Bleeding Cool.

Lovett, Jamie (August 22, 2021) Netflix's Sense8, Babylon 5 Creator In Contact With BBC Over Doctor Who Showrunner Job. ComicBook.com

Straczynski, Jospeh Michael [@straczynski] (September 28, 2021) To answer all the questions, yes, it’s true, Babylon 5 is in active development as a series for the CW. Twitter.