Spangler Steps Down as Phoenix Media President

Phoenix Media Group Ltd., a Burbank media, advertising and business consulting firm, said that Dick Spangler has resigned as president. The vacant post was filled by Ronald R. Irwin, Phoenix Media’s chairman.

The company also said it has canceled about 3.85 million previously authorized and issued shares of its common stock.

The move reduces Phoenix Media’s total outstanding shares from 10.6 million to 6.79 million.

Irwin said the company canceled the shares because previous management had authorized and issued more shares than were needed, and to “enhance our shareholders’ equity.”