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Shazam! (Volume 1) is DC's first title starring former Fawcett Publications characters. At the time, they were licensed properties, as Fawcett had ceased publication in 1954 with The Marvel Family #89. DC had a Captain Marvel pastiche named Captain Thunder in Superman #276 and had introduced the Marvel Family as a back-up feature or guest star in several titles in the 1970s.

In the time that Captain Marvel hadn't been published, M. F. Enterprises and Marvel Comics took the opportunity to create their own characters by that name, with the latter securing a trademark that requires them to publish comics entitled "Captain Marvel" every two years or risk losing it. Initially, this series featured the subtitle "The Original Captain Marvel" but that was replaced with "The World's Mightiest Mortal" in issue 15.

The comic's publication overlapped the initial broadcast of Shazam and Isis.

The essential premise of the comic was that the Marvel Family and their allies were stuck in the Suspendium in a frozen state, before being thawed out. When they returned to Earth, 20 years had passed, despite the cast never aging and keeping their 50s mindsets.

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