With DC Entertainment and Warner Bros. going foward with Man of Steel to launch their shared movie universe, it looks as if a Shazam big screen adaptation is unlikely.
At one time there was talk of doing a Captain Marvel aka Shazam flick after Bryan Singer's Superman Returns, but with Henry Cavill and Superman at the forefront of the DC movie U., director Peter Segal offers more than likely it will never happen.
Via Coming Soon:
The thing is, Shazam has always lived this tortured life going against Superman. This dates back to the 1930s. Because Captain Marvel had similar powers to Superman, the DC folks back then sued what was the most popular comic book on the stands at that time. Years later, they bought it and it became a DC property but, as long as Superman stays hot in the market place, there seems like a little bit of a crossover between the two characters. After Bryan Singer's "Superman Returns," it seemed like there was a moment in time where Shazam was going to see the light of day. That's when you heard those stories. Now that Superman is being invigorated and going up against Batman, I think it's difficult for DC to figure out how to launch this character in the wake of Superman's resurgence.
Segal also offers some details on the Shazam movie.
Well, it wasn't [a kid friendly movie]. I was working with Geoff Johns. At its core, it's a lot like Superman. There's this boy trapped inside of a superhero's body. He's still a boy inside, so there's this opportunity to play a lot of humor with the action. Originally, Stan Lee brought me "Fantastic Four" a number of years for that very reason. I always have the question when people bring me superhero properties, "Why me?" With Stan, he said, "It's because there's a sense of humor within all Marvel characters." These characters are flawed and, within those flaws, there is humor. When Toby Emmerich came to me with Shazam, it was because of those same reasons. To draw from that humor and to mix it with great action and pathos. I've always loved Shazam, but I don't know if it's going to see the light of day anytime soon.