With Jaume Collet-Serra attached to direct, things at least seem to be moving forward.
Zachary Levi has said that he expects to film the Shazam! sequel sometime next year, but the hero may not face off with Dwayne Johnson’s Black Adam until Shazam! 3.
While many DC projects have died on the vine, Black Adam is still supposed to happen, but there seems to be no major rush, especially with The Rock’s absurdly busy schedule.
As far as when that will happen we don’t yet know.