The Captain Action & Action Boy comic was published by Ideal Toy Corporation in USA in 1967.
Offered as a promotional giveaway with Ideal Toy Corporation’s toy range, the 32 page full color comic book is published in landscape format and measures 7″ x 3.25″.
Not solely dedicated to the Phantom, the Captain Action & Action Boy comic features superheroes such as Captain America, Spider-Man, Batman, Flash Gordon, Superboy, Superman, Aquaman, Lone Ranger and Green Hornet. A different superhero is featured on each page, as found in the Captain Action toy range released by Ideal Toy Corporation in 1965.
The comic book page, number 23, featuring the Phantom can be seen below. We also see that King Features Syndicate have licensed the inclusion of the Phantom in the comic book.

The Captain Action toy featured/shown above can be seen below.

The full 32 page Captain Action & Action Boy comic book can be viewed below.