It appears that there are no current plans to continue: On July 13, 2008, Straczynski revealed that he had no plans to continue The Lost Tales.
He said that although the studio was interested in another disc, they wanted to budget the next installment similarly to the first.
Citing his disappointment with the first release due to the low budget, Straczynski said he did not want to dilute Babylon 5's legacy with further sub-par stories.
He stated that he would only return to the Babylon 5 universe if Warner Bros. wanted to do a large-budgeted cinema release. -- Babylon 5:
The Lost Tales @ Wikipedia Like many other fans, I'd love to see more Babylon 5 tales - but, equally, I'd hate to see the canon troubled by low quality (low budget) additions.
scifi.stackexchange.com/users/113/Bevan
JMS at San Diego Comic Con 2010 :
“I said to Warner Bros. a while back, 'When you’re ready to do something real with 'Babylon 5,' either a big-budget film or a TV show, if you want to do one of those two things, call me, otherwise don’t bother me.'
About a month ago the phone rang.
I don’t know where this is gonna go yet, but when they call you, there’s something going on.
I can’t tell you what it is yet
and it may not go anywhere, but there is movement in the tall grass.
He has also hinted that more news will come in April 2011, but apparently we will have to wait a little longer :
It'll be at least another few weeks as the powers that be ensure that every i has been dotted and [every] t crossed.
There's always a chance things could go pear-shaped, as the Brits say, but things are looking promising for the moment.
scifi.stackexchange.com/users/709/Patches
As per JMS's talk at ComicCon 2011, Warner Brothers approached him about doing a new Babylon 5, and they made a deal - but then the distribution system Warner was planning for fell through
( IGN has a write-up ).
Apparently there are still some sort of talks going on, and JMS is hopeful that some sort of series may happen.
As long as the studios haven't forgotten about it (and are willing to give the support needed) I wouldn't be writing off the chances for a new show/movie.
scifi.stackexchange.com/users/2428/larissa
A newer answer: Word is that JMS is working on a reboot of Babylon 5 , but in movie form.
Everything's still in rumor-mode as of end-of-2014, though.
scifi.stackexchange.com/users/963/Allen Gould
As far as I know there aren't any plans.
All rumors I've heard have been unconfirmed.
J. Michael Straczynski some years ago got into the Hollywood A-list
so he got to produce Babylon 5:
The lost tales
but I think it was so unsuccessful there are no other plans for anything in the Babylon 5 universe.
Quite unfortunate.
scifi.stackexchange.com/users/55/pupeno
I loved the series and all the movies, and I even watched  ' Crusade '  which was awesome.  But it's been a while since I've heard of any  new Babylon 5 movies .  On the other hand, the series creator  Michael Straczynski  may have some additional clout from receiving a  BAFTA  award nomination for the script of  Changeling  and after writing the script for the blockbuster Thor .   Are there any plans for new Straczynski-driven  Babylon 5  works?
Are there any plans for a new Babylon 5 series or movies?
scifi.stackexchange.com
<babylon-5>
scifi.stackexchange.com/questions/48
scifi.stackexchange.com/users/35/Mark Rogers
It appears that there are no current plans to continue.   On July 13, 2008, Straczynski revealed that he had no plans to continue The Lost Tales. However, word is that JMS is working on a reboot of Babylon 5 , but in movie form.  The more recent word is that JMS is working on a reboot of Babylon 5, which would be in movie format. 
The more recent word is that JMS is working on a reboot of Babylon 5, which would be in movie format. 