If there was enough demand for B5 product to justify making a movie that costs $100 million, there'd also be more than enough demand to sustain a book series.
Movies aren't made because there's a demand, they're made because the studios believe there's a good chance of getting a return on their investment. Now a perceived demand may factor into that belief or it may not. Was there a huge demand for a film featuring large boats an iceberg and an annoying song before Cameron went and broke box office records? Was there a huge demand for comic book films *before* the first X-Men was a success? No. Indeed some of the best films ever have been sleeper hits, some were considered complete disasters during production and some of the biggest flops of all time were made because there was a perceived "demand" for the subject matter.
Of course nothing is guaranteed and Hollywood logic isn't the same as our Earth logic so don't go expecting the studios to suddenly start making sense. After all, M. Night Shyamalan keeps getting hired; where's the sense in that?!

I'll correct myself; I have read City of Sorrows but ages ago.
The technomage trilogy is interesting, but the two storylines I liked least in B5 was telepath and centauri stories, and so those trilogies don't interest me (although the fate of Bester does).
The Psi Corps books are, I think the strongest of the trilogies as they can more or less stand on their own as sci-fi literature, so even if you don't especially care for the teep centric episodes on the show I think they're still worth reading.
Indeed, the first book (*minor and vague spoilers ahead*) covers a fairly large chunk of B5's backstory, spanning a period from the first detection of telepaths in the early 2100s through the various social and political upheavals on Earth (including first contact with the Centauri) and basically ends around the time of the birth of Bester. The second and third books are basically all about Bester, telling his story from childhood, being raised and trained in the Corps, through a number of very relevant events in the post Minbari war period that ties in with a lot of the shadowy government/black ops activities on the show (Bureau 13, Syria Planum, the Icarus, IPX etc.) and ends with him ready to go chasing after Ironheart. You may be disappointed by the third book as, while it does indeed depict the final fate of Bester, it covers a much smaller span of time and series completely skips over the telepath war (at the time it was expected that Crusade would delve into that I think.) Without giving too much away, it's basically Bester on the lam, trying to make a new life for himself with both the "new" Corps and Garibaldi hot on his heels.
So yeah, the first two books at least cover a lot of ground in the B5 universe that adds a lot of backstory to certain events and even fully depicts a few scenarios only seen or mentioned in passing on the show (including a very memorable few chapters dedicated to Lyta's brief intern-ship.)
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