It's going to be a complete reboot to be produced and aired on the CW network.
This link has more.
An interesting and fun interview.
It will not be Bablyon6, but rather, a complete reimagining of Babylon5, brought to you by the original creator J Michael Straczynski.
IMHO, B5 was the only TV show to threaten Star Trek (in its various forms) for the very top position of greatest Sci-Fi franchise.