From Scifiwire

Babylon 5 creator J. Michael Straczynski told fans in a usenet group post that a proposed B5 film, The Memory of Shadows, is on hold indefinitely. "The deal could not be put together, and it did not look as if that was going to change at any point in the foreseeable future," Straczynski wrote in a Feb. 26 post on the rec.arts.sf.tv.babylon5.moderated newsgroup, which is archived at JMSNews.com. "So the option has reverted, and to all intents and purposes, the project has dead-ended. Nor do I think this particular incarnation will arise again at any point in the future, though prognostication has always been a tricky art, especially if you have to do it without the benefit of hindsight."

Straczynski had been approached a year ago by a company that had optioned the B5 rights from Straczynski and ordered a script. "On Dec. 27th of 2003, the script for The Memory of Shadows was turned in, and the process began of trying to make the deal work with all the various forces involved," he said. He added: "At times, it seemed we were inches away from a deal. ... Stages were reserved at Elstree. Actors were contacted. A director was in place. The script went through many revisions. A few key staff were hired. .... It was really a year-long roller-coaster ride. During that time, the people involved, with every good intention, tried very hard to pull the necessary pieces together on the deal." Ultimately, though, the project failed to come together.

Straczynski has not given up hope of making a B5 film at some point. "Eventually, it will happen, because such things are simply inevitable," he said. "If they can do a Brady Bunch movie, you can be sure that, sooner or later, somebody's going to do a B5 movie. The only thing I can say without equivocation is that when that day comes, as the rights-holder, I will make darned sure that it's done right, because I'd rather have no B5 movie than one that doesn't live up to what fans and I myself would want to see. To that end ... I can wait."
Buzz is Warner Bros TV thought that B5 would never make a good feature film, so gladly gave the creator JMS the movie rights in his series contract. JMS not WB owns the rights to a B5 movie - a very great idea!

Here's hope for a future b5 movie.