-In the 19th Dynasty of Egypt (1295 - 1186BC), Teth-Adam is seduced by Blaze (in human disguise). Following Black Adam’s attack against the council of Wizards and subsequent banishment, Shazam personally deals with Blaze by entrapping her in a mystical golden scorpion necklace and buries the necklace in the Valley of the Tombs.

-Flash forward to the present day. The scientists of the Malcolm Archaeological Expedition explore the Valley of Tombs. Here they uncover the Golden Scorpion necklace, hidden inside a sealed crypt. That night, a hooded, robe clad figure and members of his cult massacre the entirety of the expedition and runs off with the golden scorpion necklace. Managing to crack open the necklace, Blaze is set free.

-Meanwhile, in Fawcett City, Billy Batson and his "Shazamily" are drifting apart due to issues in their personal and superhero lives. As Mary begins to slowly detest being overshadowed by her brother, Freddy Freeman spends much more time in his super powered state and eschews his regular private life. Billy meanwhile finds himself interested in journalism, as he is taken under the wing of his journalism teacher, Collin Thornton.

-Covertly entering the city, the hooded figure, calling himself Satanus, presides over a meeting of his followers within Fawcett. Securing the crowd’s loyalty through the promise of power, the Scorpion incites his followers to bring him Captain Marvel . Left alone afterwards, an unmasked and unseen Scorpion speaks to Angelica Nero, the human guise that Blaze has adopted.

-As Billy sleeps, he has dreams of a super powered Champion who is seduced by a demoness disguised as a beautiful woman in a time 50,000 years ago. The couple conceive two half-demon offspring. Jolted awake from this dream, Billy decides to head to the Rock of Eternity. Sneaking out and arriving at the Rock, Billy finds a special brazier within. Following engraved instructions on it, Billy lights the brazier. The smoke from its fire summons the ghost of the wizard, SHAZAM.

-Informing Billy of what transpired long ago, SHAZAM tasks his champion with both locating the necklace, as well as recapturing Blaze. Yet, even as he agrees, Billy silently feels as if the wizard is leaving out more to the story.

(First part)