Let's face it, the studio made an animated movie because they didn't want to take the financial risks in making a live action movie or new live action series.
My fear as well, although JMS writes in his own statement that they are two separate things, the live action show still on hold, and he quotes the writers’ strike:
“ There’s a brand new, original BABYLON 5 ANIMATED MOVIE coming out soon from Warner Bros. Animation & WB Home Entertainment! It’s classic B5: raucous, heartfelt, nonstop, a ton of fun through time and space & a love letter to the fans. To be clear, since there’s been some ambiguity, the movie is already done and finished and in the can. So it's 100% real, happening, and coming out very soon.
I'm ridiculously excited about the #B5AnimatedMovie because it feels the most B5-ish of anything we've done since the original show. Warners was terrific in giving me the freedom to write the story I wanted, and the animation is phenomenal. It's fun, deep, emotional, classic B5.
Full release details, including cast, title, when, where and how it will be available, and other info will come next week from Warners. Best of all, if this does well there will be more animated movies, maybe on a regular basis. (And this has no bearing on the other the reimagined B5 live-action series, which is currently on hold pending the resolution of the Writers Strike.)”