Sadly, it will most likely never happen, for the same reason we will probably never see Blu-Rays of "DS9," "Voyager" and the director's cut of the first "Star Trek" movie:
Foundation Imaging.
As a condition of them getting the job, Foundation Imaging was required to surrender its Lightwave scene and model data to Warner Bros., who then either lost it or destroyed it. This basically happened to every effects house to work on B5. Whatever data Foundation managed to hold onto disappeared around the time they went out of business. Supposedly the lead animator, "Mojo" Leibowitz, managed to salvage some DS9 and "Voyager" data, but he hasn't said anything about B5.
Basically, the only way they could do B5 on Blu-Ray would be to redo all of the CGI, and that would almost definitely be too expensive. But Warner Bros. could probably mitigate some of that by not giving the box sets obscenely high pricetags like Paramount did with "TNG." There was no reason they had to be that expensive; Paramount just didn't get it, just like with almost everything they've done with "Star Trek."
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