Phantom Action was announced following a deal between publishers Moonstone Books and Captain Action Enterprises. In the crossover, the Phantom is captured and his wife Diana convinces Captain Action to help him.
"It turns out the young Captain Action has had a crush on Diana since his teenage years, so that makes for an interesting dynamic," said series writer Mike Bullock. Artwork on the two-issue event will be provided by Reno. Art Thibert, Mark Sparacio and Michael T. Gilbert will contribute a variety of covers.
The two characters have previously appeared in the same line of action figures in the past, but this is the first time that they have met in fiction.
"This adventure has essentially been in the making by fans for over 40 years. We're glad we could make it 'real' by publishing it at last," added Moonstone publisher Joe Gentile.
Phantom Action is released in March 2010.