The Phantom (1996) ending / spoiler
The Phantom (Billy Zane) defeats Xander Drax with the fourth skull (which is his Phantom skull ring) and he recovers his father's Phantom skull belt. Phantom tells Diana the story about the origin of The Phantom and how the tradition is passed on. Diana figures out on her own that Kit Walker is The Phantom and he talks about marriage. Diana leaves Bengala with Catherine Zeta Jones but she promises to return.
Submitted by il Postino