No, there's no chance. The problem is that B5 is owned by a consortium, with WB on one side, and the station group on the other. When you see a show hopping networks, it's often (for instance) a Universal show that goes from ABC to CBS. Universal still is the sole owner of the show, it's just a question of which network shows it, and the network doesn't own it.
With PTEN, WB and the stations own the show, though the copyright for most actual artifacts of the show belongs to WB. WB Network wants to carve out its own identity rather than taking leftovers from another, competing WB division. The regular networks won't take an off-syndication show. The idea of WB going to Paramount/UPN...well, that one's self-explanatory as a non-starter.
It can't even go to TNT because of contractual elements between WB and the stations. So it's either this arrangement, or nothing.
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