This highly collectable little magazine featured mainly ghost and supernatural stories, so it is on the edge of the territory covered by this site. It ran for 16 issues in 1957-8 and was published successively by Vernon Publcations, Dalrow publications and Pennine Publications though, as these were all based in Bolton, Lancs, it is likely that they were connected. It had as sister publications the Creasey Mystery Magazine (later, under different ownership, John Creasey Mystery Magazine) and Combat, bizarrely advertised inside the cover of one issue of Phantom as the GOOD War Story Magazine. It isn't clear whether the wars were good, or the stories.
In later issues, PHA reprinted a number of stories from other magazines, notably "Weird Tales". In fact, for the last few issues it acquired the subtitle "a magazine of weird tales", a quite deliberate bit of positioning, no doubt. It featured some surprisingly distinguished authors, including Robert Bloch, Fritz Leiber and Andre Norton. Even R Lionel Fanthorpe appeared here, possibly on a well-deserved holiday from Badger. The magazine succumbed, however, to the bankruptcy of its publisher, though Creasey Mystery Magazine continued in other hands.
Nearly all of the covers for Phantom, as for its sister publications, were by "R.W.S.", about whom I know nothing else. I won't say they are distinguished, but I have seen worse.