According to Hollywood Reporter, the movie rights to The Shadow have been acquired by Columbia Pictures, with Sam Raimi and Josh Donen producing through Buckaroo Entertainment, and Michael Uslan producing through Comic Book Movies, LLC/Branded Entertainment. 

Raimi, who has been directing the Spider-Man movies and was also responsible for the Shadow-influenced Darkman, is quoted as expressing a long-term affection for the character.  'I've been a passionate Shadow fan ever since I was a kid,' he said.  Raimi has not been announced as director, however. 

The last Shadow movie was the Alec Baldwin 1994 release.