1) There's no way to answer a question like that. Warner Bros. would have to
want to sell the rights, and they have no particular reason to want to. The show's been in the black since its initial airings - every dime of syndication money has been pure profit. The DVDs have certainly returned a healthy profit above and beyond their production costs. Things like books and games are licensed properties - somebody else pays
you for permission to use your property, then they also pay you a royalty per unit sold. You pay none of the production cost of the book or the game, and assume none of the risk that a given product will fail. There is enough of an audience (confirmed and even expanded by the continuing healthy DVD sales) that the property is likely to continue returning a small but steady profit for years to come. Why would Warner Bros. sell it?
2) Why would anyone else want to buy it. Again, we're talking profitable, but not blockbuster. Based on the show's past earnings and its future potential on home video and in reruns over, say, the next 20 years, WB would certainly ask many, many millions to sell
B5 outright. But it is hard to imagine anyone paying kind of money to acquire the title. Done right I think something like the Telepath War could be a very appealing mainstream story, very comparable to something like
The X-Men. But because it lacks a built-in audience as big as
X-Men had, and because it isn't so well known that even non-fans will have at least
heard of it, a
B5 theatrical film is
not going to be a $200 million dollar gross blockbuster. And there is virtually
no "franchise" value to such a feature film, which pretty much
can't have a direct sequel. (Since two of the main characters are dead by the end of the film and another one goes into hiding for 15 years immediately after the fade out.)
3) JMS's contract was signed years ago with WB. No, he can't change it because there is no advantage to the studio to change it, and they hold all the cards in these situations. If he suddenly became Steven Speilberg or George Lucas he might be able to renegotiate, because then he'd have the kind of clout that studios have to respect. But he's a writer (and primarily a TV writer) not a movie director. Directors outrank writers in Hollywood. Movie people outrank TV people. Being a successful TV writer puts you about on the same level as a movie costume designer. No, wait, make that caterer.
Any way you slice it, WB is not going to give JMS more control over his creation. He has nothing to offer them (or to threaten them with) that would induce them to do so. Besides, if he were in a position to renegotiate his contract I believe he'd be trying to force WB to actually pay him a share of the profits they're raking in on the show. (Which he theoretically is entitled to, but which studio bookkeeping will prevent him from ever seeing. You think Enron and Worldcom are scandals? Someone should open the books at Warner Bros., Fox and Sony.)
I have a feeling you were drifting in the direction of "Why can't JMS buy the show back from Warner Bros." or even "Why can't the fans buy it from the studio"
WB spent well over $100 million converting
B5 from a stack of typed pages into a living, breathing TV show. They're now enjoying a return on that investment. At the same time they were doing that they were taking their chances on other TV shows - many of which were cancelled (or never made it past the pilot stage) and therefore were dead losses for the studio. People forget that the successful shows have to subsidize the unsuccessful ones or studios go out of busines. That would have to be factored-in to any asking price WB put on the show.
Ultimately, of course, a thing is worth what someone else is willing to pay for it - no more, no less. (Attempts to prove otherwise are pointless, annoying, and in the end destructive, as witness half the politics of the 20th century.)
Neither JMS nor the fans have access to the kind of money that it would take to buy WB out of a $100 million investment. Sorry.
Regards,
Joe