<SEC-DOCUMENT>0001493152-22-019480.txt : 20220715
<SEC-HEADER>0001493152-22-019480.hdr.sgml : 20220715
<ACCEPTANCE-DATETIME>20220715172910
ACCESSION NUMBER:		0001493152-22-019480
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20220715
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20220715
DATE AS OF CHANGE:		20220715

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Arena Group Holdings, Inc.
		CENTRAL INDEX KEY:			0000894871
		STANDARD INDUSTRIAL CLASSIFICATION:	CABLE & OTHER PAY TELEVISION SERVICES [4841]
		IRS NUMBER:				680232575
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12471
		FILM NUMBER:		221087681

	BUSINESS ADDRESS:	
		STREET 1:		1500 FOURTH AVENUE, SUITE 200
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98101
		BUSINESS PHONE:		775-600-2765

	MAIL ADDRESS:	
		STREET 1:		1500 FOURTH AVENUE, SUITE 200
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	theMaven, Inc.
		DATE OF NAME CHANGE:	20161228

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	THEMAVEN, INC.
		DATE OF NAME CHANGE:	20161209

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTEGRATED SURGICAL SYSTEMS INC
		DATE OF NAME CHANGE:	19960725
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8-k.htm
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8"?>
<html xmlns="http://www.w3.org/1999/xhtml" xmlns:xs="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:dei="http://xbrl.sec.gov/dei/2022" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:us-gaap="http://fasb.org/us-gaap/2022" xmlns:us-roles="http://fasb.org/us-roles/2022" xmlns:country="http://xbrl.sec.gov/country/2022" xmlns:srt="http://fasb.org/srt/2022" xmlns:AREN="http://thearenagroup.net/20220715">
<head>
     <title></title>
<meta http-equiv="Content-Type" content="text/html" />
</head>
<!-- Field: Set; Name: xdx; ID: xdx_02B_US%2DGAAP%2D2022 -->
<!-- Field: Set; Name: xdx; ID: xdx_03C_AREN_thearenagroup.net_20220715 -->
<!-- Field: Set; Name: xdx; ID: xdx_048_20220715_20220715 -->
<!-- Field: Set; Name: xdx; ID: xdx_055_edei%2D%2DEntityCentralIndexKey_0000894871 -->
<!-- Field: Set; Name: xdx; ID: xdx_059_edei%2D%2DAmendmentFlag_false -->
<!-- Field: Set; Name: xdx; ID: xdx_051_edei%2D%2DCurrentFiscalYearEndDate_%2D%2DLS0xMi0zMQ== -->
<!-- Field: Set; Name: xdx; ID: xdx_06B_USD_1_iso4217%2D%2DUSD -->
<!-- Field: Set; Name: xdx; ID: xdx_062_Shares_2_xbrli%2D%2Dshares -->
<!-- Field: Set; Name: xdx; ID: xdx_06D_USDPShares_3_iso4217%2D%2DUSD_xbrli%2D%2Dshares -->
<body style="font: 10pt Times New Roman, Times, Serif">
<div style="display: none">
<ix:header>
 <ix:hidden>
  <ix:nonNumeric contextRef="From2022-07-15to2022-07-15" name="dei:EntityCentralIndexKey">0000894871</ix:nonNumeric>
  <ix:nonNumeric contextRef="From2022-07-15to2022-07-15" name="dei:AmendmentFlag">false</ix:nonNumeric>
  <ix:nonNumeric contextRef="From2022-07-15to2022-07-15" name="dei:CurrentFiscalYearEndDate">--12-31</ix:nonNumeric>
  </ix:hidden>
 <ix:references>
  <link:schemaRef xlink:href="aren-20220715.xsd" xlink:type="simple" />
  </ix:references>
 <ix:resources>
    <xbrli:context id="From2022-07-15to2022-07-15">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0000894871</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-07-15</xbrli:startDate>
        <xbrli:endDate>2022-07-15</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:unit id="USD">
      <xbrli:measure>iso4217:USD</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="Shares">
      <xbrli:measure>xbrli:shares</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="USDPShares">
      <xbrli:divide>
        <xbrli:unitNumerator>
          <xbrli:measure>iso4217:USD</xbrli:measure>
        </xbrli:unitNumerator>
        <xbrli:unitDenominator>
          <xbrli:measure>xbrli:shares</xbrli:measure>
        </xbrli:unitDenominator>
      </xbrli:divide>
    </xbrli:unit>
  </ix:resources>
 </ix:header>
</div>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="width: 100%"><div style="border-top: Black 4pt solid; border-bottom: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>UNITED
STATES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>WASHINGTON,
D.C. 20549</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 40%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>FORM
<span id="xdx_906_edei--DocumentType_c20220715__20220715_zkcqQKcJ7kNd"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CURRENT
REPORT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date
of Report: </b>(Date of Earliest Event Reported): <b><span id="xdx_900_edei--DocumentPeriodEndDate_c20220715__20220715_zOvqRVb2lyCd"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate">July 15, 2022</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_90C_edei--EntityRegistrantName_c20220715__20220715_zRmUIVpdbMXk"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" name="dei:EntityRegistrantName">THE
ARENA GROUP HOLDINGS, INC.</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
name of registrant as specified in its charter)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><span style="text-transform: uppercase"><span id="xdx_90E_edei--EntityIncorporationStateCountryCode_c20220715__20220715_zBi7i8Pozxxf"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode">delaware</ix:nonNumeric></span></span></b></span></td>
    <td style="width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_901_edei--EntityFileNumber_c20220715__20220715_zWQofJRzsp72"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" name="dei:EntityFileNumber">1-12471</ix:nonNumeric></span></b></span></td>
    <td style="width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90E_edei--EntityTaxIdentificationNumber_c20220715__20220715_zHtuORNxUzS4"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" name="dei:EntityTaxIdentificationNumber">68-0232575</ix:nonNumeric></span></b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction</span></p>
                                                                             <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
    incorporation)</span></p></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission</span></p>
                                                                             <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">File Number)</span></p></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer</span></p>
                                                                             <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification No.)</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>200
    VESEY STREET, <span><span id="xdx_901_edei--EntityAddressAddressLine1_c20220715__20220715_zm8dwPsp3Zdl"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" name="dei:EntityAddressAddressLine1">24</ix:nonNumeric></span></span><sup><span><span id="xdx_90D_edei--EntityAddressAddressLine2_c20220715__20220715_z8N8StFmDnGj"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" name="dei:EntityAddressAddressLine2">TH</ix:nonNumeric></span></span></sup> <span><span id="xdx_90C_edei--EntityAddressAddressLine3_c20220715__20220715_zEP2hK1T7hn3"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" name="dei:EntityAddressAddressLine3">FLOOR</ix:nonNumeric></span></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90B_edei--EntityAddressCityOrTown_c20220715__20220715_zvZEEyRTGbU3"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" name="dei:EntityAddressCityOrTown">NEW
    YORK</ix:nonNumeric></span>, <span style="text-transform: uppercase"><span id="xdx_903_edei--EntityAddressStateOrProvince_c20220715__20220715_zOxvCpo7n3Fa"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince">new york</ix:nonNumeric></span></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_903_edei--EntityAddressPostalZipCode_c20220715__20220715_zAAcUhLwig4j"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" name="dei:EntityAddressPostalZipCode">10281</ix:nonNumeric></span></b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
    of principal executive offices)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip
    code)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_909_edei--CityAreaCode_c20220715__20220715_zMoyW0M7K2tl"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" name="dei:CityAreaCode">212</ix:nonNumeric></span>-<span id="xdx_906_edei--LocalPhoneNumber_c20220715__20220715_zFEhVYDXYZge"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" name="dei:LocalPhoneNumber">321-5002</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant&#8217;s
telephone number including area code)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Former
name or former address if changed since last report)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant in Section 12(b) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 36%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    of each class</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    Symbol(s)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 42%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of each exchange on which registered</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_edei--Security12bTitle_c20220715__20220715_zjkiF2OkVHof"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" name="dei:Security12bTitle">Common
    Stock, par value $0.01 per share</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--TradingSymbol_c20220715__20220715_zxisY8MwDOfh"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" name="dei:TradingSymbol">AREN</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_edei--SecurityExchangeName_c20220715__20220715_zLi4G3J4SdH6"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">NYSE
    American</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--WrittenCommunications_c20220715__20220715_zKCDHFyYBbaa"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" format="ixt:booleanfalse" name="dei:WrittenCommunications">&#9744;</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
                                            communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_edei--SolicitingMaterial_c20220715__20220715_z9KWCphvuXa4"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" format="ixt:booleanfalse" name="dei:SolicitingMaterial">&#9744;</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
                                            material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_edei--PreCommencementTenderOffer_c20220715__20220715_zspxrOupH0Bh"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">&#9744;</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
                                            communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_edei--PreCommencementIssuerTenderOffer_c20220715__20220715_zP4NRhlqAd32"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">&#9744;</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
                                            communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
growth company <span id="xdx_909_edei--EntityEmergingGrowthCompany_c20220715__20220715_zGIBeVNiUpJ5"><ix:nonNumeric contextRef="From2022-07-15to2022-07-15" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<!-- Field: Rule-Page --><div style="width: 100%"><div style="border-top: Black 1.5pt solid; border-bottom: Black 4pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<!-- Field: Page; Sequence: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    1.01</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Entry
    into a Material Definitive Agreement. </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As disclosed in a Current Report on Form 8-K filed on May 3, 2022, The Arena Group Holdings, Inc. (the &#8220;<b>Company</b>&#8221;)
entered into an extended rights agreement (the &#8220;<b>Extended Rights Agreement</b>&#8221;), which extended the term of the rights
agreement originally adopted on May 4, 2021 (the &#8220;<b>Original Rights Agreement</b>,&#8221; and, together with the Extended Rights
Agreement, the &#8220;<b>Rights Agreement</b>&#8221;). All terms not otherwise defined below shall have the meanings ascribed to them
in the Rights Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
entering into the Extended Rights Agreement, the Company learned that certain affiliates B. Riley Financial, Inc. (&#8220;<b>B. Riley</b>&#8221;)
had acquired additional shares of Common Stock of the Company while the Rights Agreement was in place. Based in part on discussions with
B. Riley and information it provided to the Company, including an acknowledgment of the divestiture of shares of Common Stock contemplated
by the Rights Agreement, the Board of Directors of the Company (the &#8220;<b>Board</b>&#8221;) determined that the acquisitions were
inadvertent within the meaning of Section 1(a)(iv) of the Rights Agreement and, accordingly, neither B. Riley nor any of its affiliates
had become an &#8220;Acquiring Person&#8221; within the meaning of the Rights Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and B. Riley also entered into a one-year standstill agreement pursuant to which, among other things, and subject to certain
exceptions, B. Riley agreed not to acquire additional shares of the Company&#8217;s capital stock and will be subject to prior Board
approval to exceed beneficial ownership of 45% of the Company&#8217;s fully diluted voting power and certain monthly share acquisition
limits. Even though the stockholders recently ratified the Extended Rights Agreement, the Board determined that the Rights Agreement
was no longer necessary or in the best interest of the Company and its stockholders. The Board thus determined to terminate the Rights
Agreement by accelerating its expiration date from May 3, 2024 to July 15, 2022 pursuant to an Amendment No. 1 to the Extended Rights
Agreement, which is attached hereto as <span style="text-decoration: underline">Exhibit 4.1</span> (the &#8220;<b>Amendment</b>&#8221;). The Amendment effectively will terminate
all preferred share purchase rights under the Rights Agreement (the &#8220;<b>Rights</b>&#8221;) such that they are no longer issued
or outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing summary does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment and
the Standstill Agreement, which are incorporated by reference to Exhibits 4.1 and 10.1 hereof, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    1.02</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Termination
    of a Material Definitive Agreement. </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 1.02 by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    3.03</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
    Modification to Rights of Security Holders. </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span><span>The
information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 3.03 by reference.</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company expects to file a Certificate of Elimination as soon as practicable with the Secretary of State of the State of Delaware (the
&#8220;<b>Certificate of Elimination</b>&#8221;), which will remove from the Company&#8217;s certificate of incorporation, as amended,
the designation of Series L Junior Participating Preferred Stock. Such preferred stock was authorized solely in connection with the adoption
of the Rights Agreement. As a result, all shares of Series L Junior Participating Preferred Stock will be eliminated and returned to
the status of authorized but unissued shares of preferred stock, without designation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing summary does not purport to be complete and is qualified in its entirety by reference to the full text of the Certificate of
Elimination, a copy of which is provided herewith as <span style="text-decoration: underline">Exhibit 3.1</span> and incorporated into this Item 3.03 by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    5.03</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amendments
    to Articles of Incorporation or Bylaws; Change in Fiscal Year. </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information set forth under Item 3.03 of this Current Report on Form 8-K is incorporated into this Item 5.03 by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
    9.01</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    Statements and Exhibits </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits
    </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.75in; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
                                                                                                                                                    No.</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; width: 0.1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex3-1.htm">Certificate of Elimination, dated as of July 18, 2022</a></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex4-1.htm">Amendment No. 1 to the Amended and Restated Rights Agreement, dated as of July 15, 2022, by and between The Arena Group Holdings, Inc. and American Stock Transfer &amp; Trust Company, LLC</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/894871/000149315222011862/ex4-1.htm" style="-sec-extract: exhibit">Amended and Restated Rights Agreement, dated as of May 2, 2022, between The Arena Group Holdings, Inc., and American Stock Transfer &amp; Trust Company, LLC, as Rights Agent, which includes the Summary of Rights to Purchase Preferred Shares attached thereto as Exhibit B, which was filed as Exhibit 4.1 to the registrant&#8217;s Current Report on Form 8-K, dated as of May 3, 2022</a></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex10-1.htm">Standstill Agreement, dated July 15, 2022, by and among The Arena Group Holdings, Inc., B. Riley Financial, Inc., B. Riley Securities, Inc., B. Riley Principal Investments, LLC, BRF Investments, LLC, Bryant R. Riley and their affiliates and subsidiaries</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover
    Page Interactive Data File (embedded within the Inline XBRL document)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Filed herewith</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


<!-- Field: Page; Sequence: 3 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:
    July 15, 2022</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE
    ARENA GROUP HOLDINGS, INC.</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
    </span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Douglas B. Smith</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Douglas
    B. Smith</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 4; Options: Last -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: right">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</body>
</html>
<!-- Field: Set; Name: xdx; ID: xdx_08B_extensions -->
<!-- eJxFjdEKgkAQRb/Afxj2OUxFKXxMKiKLEIlel5xiSXdkdrP8pP6yVYmGgWG499wrxExsaaNqZLisihxKbNpaWoQCb8ior+gc2W6fgrsF3pWxLLUd3x+YkWPQMYkfxtIJo7VTBqsUgsU8TOZRBEGcxks4HYQ36Bnpm6pQWyVrkLqCE1PLCq3kfkoo5Zs0Nf1YdUY2inQKoR9M8geiIIzgSJ18ET8M5HkmvNk4ntgyPduh5mksNbCusXFdZkL/630BHRhJUg== -->

</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>ex3-1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
3.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CERTIFICATE
OF ELIMINATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OF</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Series
J CONVERTIBLE Preferred stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>OF
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>the
arena group holdings, inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Pursuant
to Section 151(g) of the General Corporation Law of the State of Delaware)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Arena Group Holdings, Inc., a Delaware corporation (the &ldquo;Corporation&rdquo;), certifies as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
The Corporation created a series of preferred stock of the Corporation by previously filing a Certificate of Designation of Preferences,
Rights and Limitations of <B>Series L Junior Participating Preferred Stock</B> (the &ldquo;Certificate of Designation&rdquo;) with the
Secretary of State of the State of Delaware (the &ldquo;Secretary of State&rdquo;) on <B>May 4, 2021</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
The Certificate of Designation authorized the issuance of <B>600,000</B> shares of preferred stock of the Corporation, par value of $0.01
per share, designated as <B>Series L Junior Participating Preferred Stock</B> (the &ldquo;<B>Series L Preferred Stock</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
This Certificate of Elimination is being filed in connection with the Corporation&rsquo;s termination of that certain Amended and Restated
Rights Agreement entered into by and between the Corporation and American Stock Transfer &amp; Trust Company, LLC, dated as of May 3,
2022 (the &ldquo;<B>Rights Agreement</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
Pursuant to the provisions of Section 151(g) of the General Corporation Law of the State of Delaware, the Board of Directors of the Corporation
adopted the following resolutions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE, BE IT RESOLVED</B>, that the Corporation be, and hereby is, authorized and directed to file with the Secretary of State a
Certificate of Elimination containing these resolutions, with the effect under the General Corporation Law of the State of Delaware of
eliminating from the Corporation&rsquo;s Amended and Restated Certificate of Incorporation, as amended, all matters set forth in the
Certificate of Designation related to the <B>Series L Preferred Stock</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FURTHER
RESOLVED</B>, that the <B>Series L Preferred Stock</B> of the Corporation was authorized solely in connection with the Rights Agreement,
none of the authorized shares of <B>Series L Preferred Stock</B> are outstanding, and none of the authorized shares of <B>Series L Preferred
Stock</B> will be issued prior to the filing of the Certificate of Elimination with the Secretary of State.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FURTHER
RESOLVED</B>, that the authorized officers be, and each of them with full power to act without the other is, hereby authorized, directed,
and empowered, in the name and on behalf of the Corporation, (i) to execute the Certificate of Elimination, (ii) to cause the Certificate
of Elimination, when duly executed, to be filed with the Secretary of State, and (iii) to do all such other acts and things and to execute
and deliver all such other documents as the authorized officers or either of them may deem necessary or desirable to carry out the intent
of the foregoing resolutions in accordance with the applicable provisions of the General Corporation Law of the State of Delaware. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
Pursuant to the provisions of Section 151(g) of the General Corporation Law of the State of Delaware, all references to the <B>Series
L Preferred Stock</B> in the Corporation&rsquo;s Amended and Restated Certificate of Incorporation, as amended, are hereby eliminated,
and the shares that were designated to such series are hereby returned to the status of authorized but unissued shares of common stock
of the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>Signature
on following page</I>]<BR STYLE="clear: both"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Corporation has caused this Certificate of Elimination to be duly executed as of the 15<SUP>th</SUP> day of July, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
    ARENA GROUP HOLDINGS, INC.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Douglas B. Smith</I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Douglas
B. Smith</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
Financial Officer &amp; Secretary</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>ex4-1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
4.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMENDMENT
NO. 1 </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TO
THE </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMENDED
AND RESTATED RIGHTS AGREEMENT </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
AMENDMENT NO. 1 TO THE AMENDED AND RESTATED RIGHTS AGREEMENT (this &ldquo;<U>Amendment</U>&rdquo;), by and between The Arena Group Holdings,
Inc., a Delaware corporation (formerly theMaven, Inc., the &ldquo;<U>Company</U>&rdquo;), and American Stock Transfer &amp; Trust Company,
LLC, as rights agent (the &ldquo;<U>Rights Agent</U>&rdquo;) is made effective as of July 15, 2022 (the &ldquo;<U>Effective Date</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RECITALS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company and the Rights Agent were parties to that certain Rights Agreement, dated as of May 4, 2021 (the &ldquo;<U>Original Rights
Agreement</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company and the Rights Agent are parties to that certain Amended and Restated Rights Agreement, dated as of May 3, 2022, that amended
and restated the Original Rights Agreement (the &ldquo;<U>Extended Rights Agreement</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Board of Directors of the Company has determined to amend the Extended Rights Agreement and, in furtherance thereof, the Company
desires to enter into this Amendment pursuant to which the Extended Rights Agreement will be amended to accelerate the Expiration Date,
effectively terminating the Extended Rights Agreement; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
in accordance with Section 28 of the Extended Rights Agreement, at any time prior to the Distribution Date, the Company may, in its sole
and absolute discretion, and the Rights Agent shall if the Company so directs, supplement or amend any provision of the Extended Rights
Agreement, in any respect without the consent or approval of any holders of Rights or Common Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMENDMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of the premises and of the mutual covenants set forth herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
<U>Amendment of the Extended Rights Agreement</U>. Clause (i) of Section 7(a) of the Extended Rights Agreement is hereby amended and
restated in its entirety to read as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;(i)
the Close of Business on July 15, 2022,&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
<U>Amendment of Exhibits</U>. The exhibits to the Extended Rights Agreement shall be deemed to be amended to reflect this Amendment,
including all conforming changes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
<U>Effect of Amendment</U>. This Amendment will be deemed an amendment to the Extended Rights Agreement and will become effective on
the Effective Date. In the event of a conflict or inconsistency between this Amendment and the Extended Rights Agreement and the exhibits
thereto, the provisions of this Amendment will govern.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
<U>Governing Law</U>. This Amendment, shall be governed by and construed in accordance with the laws of the State of Delaware, in accordance
with the laws of such state applicable to contracts made and to be performed entirely within such state.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
<U>Counterparts</U>. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original and all
of which shall constitute one and the same instrument. A signature to this Amendment transmitted electronically shall have the same authority,
effect and enforceability as an original signature.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.
<U>Capitalized Terms</U>. Capitalized terms used herein and not otherwise defined shall have the meaning set forth in the Extended Rights
Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>Signature
Page Follows</I>]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the undersigned have executed this Amendment as of the Effective Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
    ARENA GROUP HOLDINGS, INC.,</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    the Company</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Douglas B. Smith</I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Douglas
    B. Smith </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">AMERICAN
    STOCK TRANSFER &amp; TRUST COMPANY, LLC,</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    Rights Agent</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Barbara B. Robbins</I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barbara
    B. Robbins</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sr.
    Vice President</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"></FONT></P>


<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>ex10-1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Standstill
Agreement</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Standstill Agreement (this &ldquo;<U>Agreement</U>&rdquo;) is made as of July 15, 2022 (the &ldquo;<U>Effective Date</U>&rdquo;), by
and between The Arena Group Holdings, Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), and B. Riley Financial, Inc. (&ldquo;<U>BRF</U>&rdquo;)
(the Company and BRF are referred to herein as a &ldquo;<U>Party</U>&rdquo; or together as the &ldquo;<U>Parties</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company entered into that certain Rights Agreement with American Stock Transfer &amp; Trust Company, LLC as of May 4, 2021 (as previously
amended, the &ldquo;<U>Rights Agreement</U>&rdquo;), and now proposes to terminate the Rights Agreement by accelerating its expiration
date to July 15, 2022;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
in connection with the proposal to terminate the Rights Agreement, the Company believes it to be in the best interests of the Company
to enter into this Agreement with BRF which, together with certain Affiliates, constitutes the Company&rsquo;s largest stockholder; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
BRF believes the termination of the Rights Agreement is in the best interests of the Company and, accordingly, is willing to enter into
this Agreement with the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledged, the Company and BRF agree
as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1. <U>Recitals</U>. The recitals stated above are hereby incorporated as material provisions of this Agreement as if fully set forth
herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2. <U>Standstill</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 103.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)
BRF agrees that during the Standstill Period (as defined below), none of it, Bryant Riley or any controlled Affiliate of BRF that would
be required, in the reasonable determination of BRF, to be included in BRF&rsquo;s Schedule 13D in respect of the Company (collectively,
the &ldquo;<U>Standstill Parties</U>&rdquo;) shall, directly or indirectly, without prior approval of the Board of Directors (the &ldquo;<U>Board</U>&rdquo;)
of the Company:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 153pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.
Purchase, cause to be purchased or otherwise acquire or agree to acquire beneficial ownership (including, but not limited to, any voting
right or beneficial ownership as defined in Rule 13d-3 under the Securities Exchange Act of 1934 (the &ldquo;<U>Exchange Act</U>&rdquo;))
of any shares of Common Stock or other voting equity securities issued by the Company, or any option, forward contract, swap or any other
securities convertible into or exchangeable for Common Stock or any rights or options to acquire any such ownership that directly or
indirectly (i) causes the Standstill Parties collectively to beneficially hold securities representing more than 45% of the Company&rsquo;s
voting power in the aggregate on a fully diluted basis, or (ii) results in the Standstill Parties collectively acquiring more than one
million (1,000,000) shares of any class of capital stock of the Company or the equivalent thereof during any 30-day period, subject to
adjustment for stock splits, additional issuances of capital stock and other changes to the Company&rsquo;s capitalization impacting
the proportion of the Company&rsquo;s overall voting power represented by 1,000,000 shares of common stock as of the Effective Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 153pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 153pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 153pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 153pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.
make any public statement or public disclosure regarding any intent, purpose, plan or proposal with respect to (a) the composition of
the Board, the Company&rsquo;s management (including, without limitation, any change in management of the Company), or the policies or
affairs of the Company, (b) any merger, consolidation, acquisition of control, business combination, tender or exchange offer, purchase,
sale or transfer of the Company or its subsidiaries, businesses, assets or securities (other than any sales of securities owned by any
Standstill Party), dissolution, liquidation, reorganization, change in capital structure, recapitalization, dividend, share repurchase
or other transaction, or (c) make any private statement or private disclosure regarding any such intent, purpose, plan or proposal that
would reasonably be expected to require the Company to make any public disclosure relating to any such intent, purpose, plan or proposal;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 153pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.
engage in any &ldquo;solicitation&rdquo; of &ldquo;proxies&rdquo; to vote (as such terms are used in Regulation 14 of the Exchange Act)
or consents to vote (whether or not any such solicitation relates to the election or removal of directors), or initiate, propose, encourage
or otherwise solicit stockholders of the Company for the approval of any stockholder proposals with respect to the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 153pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv.
enter into any agreements (whether written or oral) with, or advise, finance, assist or knowingly encourage, any other person in connection
with any of the foregoing; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 153pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">v.
take any action challenging the validity or enforceability of this Agreement, or request the Company or the Board, as applicable, to
amend or waive any provision of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 103.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)
For purposes of this Agreement, the term &ldquo;<U>Standstill Period</U>&rdquo; shall mean the period commencing on the Effective Date
and terminating on the first anniversary of the Effective Date; <U>provided</U>, <U>however,</U> that the Standstill Period shall terminate
automatically upon (i) any person (A) becoming the beneficial owner (within the meaning of Section 13(d)(1) of the Exchange Act) of 25%
or more of the outstanding equity securities of the Company entitled to vote in the normal course in the election of the board of directors
(&ldquo;Equity Securities&rdquo;) or (B) commencing a tender or exchange offer that, if consummated, would make such person (or any of
its affiliates) the beneficial owner (within the meaning of Section 13(d)(1) of the Exchange Act) of 25% or more of the Equity Securities
or (ii) the Company entering into a definitive agreement with a third party to effectuate (A) a sale of 25% or more of the consolidated
assets of the Company and its wholly owned subsidiaries or (B) a transaction (I) that, in whole or in part, requires the approval of
the Company&rsquo;s stockholders and, (II) in which, based on information publicly available at the time of announcement of the entering
into of such agreement, the holders of the Equity Securities of the Company prior to such transaction will not own, immediately following
such transaction, at least 75% of the Equity Securities of either (x) the corporation resulting from such transaction (the &ldquo;<U>Surviving
Corporation</U>&rdquo;), or (y), if applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership
of all of the outstanding Equity Securities of the Surviving Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 103.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)
For the avoidance of doubt, and notwithstanding anything herein to the contrary, nothing in this Agreement shall be deemed to in any
way restrict, limit or prevent: (i) any Standstill Party from communicating, on a confidential basis, with its attorneys, accountants
or financial advisors; (ii) any Standstill Party from (A) bringing litigation to enforce the provisions of this Agreement or (B) making
counterclaims with respect to any proceeding initiated by, or on behalf of, the Company against any Standstill Party with respect to
this Agreement; (iii) any Standstill Party from selling or tendering any securities of the Company, or (iv) any representative or designee
of BRF on the Board from taking any action consistent and in connection with such role.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 103.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)
As used in this Agreement, the term &ldquo;<U>Affiliate</U>&rdquo; shall have the meaning set forth in Rule 12b-2 promulgated by the
Securities and Exchange Commission under the Exchange Act and shall include all persons or entities that at any time during the term
of this Agreement become Affiliates of any person or entity referred to in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3. <U>Termination</U>. The obligations of the Parties hereto shall terminate automatically and immediately upon the occurrence of the
first anniversary of the Effective Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4. <U>Modification or Amendment</U>. Subject to the provisions of applicable law, the Parties may modify, amend or supplement this Agreement
only by written agreement, executed and delivered by duly authorized officers of the respective parties following Board approval of the
same.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5. <U>Waiver</U>. Subject to any limitations set forth in Section 1 above, either Party may (a) extend the time for the performance of
any of the obligations or other acts of the other parties and (b) subject to the requirements of applicable law, waive compliance with
any of the agreements or conditions contained herein. Any such extension or waiver shall be valid only if set forth in an instrument
in writing signed by the Party or Parties to be bound thereby, specifically referencing this Agreement and noting Board approval thereof.
The failure of any Party to assert any rights or remedies shall not constitute a waiver of such rights or remedies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6. <U>Notices</U>. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given by
delivery in person, by e-mail, by registered or certified mail (with postage prepaid, return receipt requested) or by a nationally recognized
courier service to the respective parties at the following addresses (or at such other address for a party as shall be specified by like
notice):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to the Company:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Arena Group Holdings, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">200
Vesey Street, 24<SUP>th</SUP> Floor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10281</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Douglas B. Smith <U>(dsmith@thearenagroup.net)</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
a copy to: <U>legal@thearenagroup.net</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"></P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to Investor:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
B. Riley Financial, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11100
Santa Monica Blvd., Suite 800</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Los
Angeles, California 90025</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Alan Forman</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
<U>aforman@briley.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
such notification shall be deemed delivered (i) upon receipt, if delivered personally, (ii) on the next business day, if sent by nationally
recognized courier service for next business day delivery, or (iii) the business day received, if sent by e-mail or registered or certified
mail (<U>provided</U> that any notice received by e-mail or registered or certified mail at the addressee&rsquo;s location on any non-business
day or any business day after 5:00 p.m. (addressee&rsquo;s local time) shall be deemed to have been received at 9:00 a.m. (addressee&rsquo;s
local time) on the next business day).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7. <U>Severability</U>. If any term or other provision of this Agreement is found by a court of competent jurisdiction to be invalid,
illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall
nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not
affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal
or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent
of the parties as closely as possible in a mutually acceptable manner to the end that the transactions contemplated hereby are consummated
as originally contemplated to the fullest extent possible.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
8. <U>Entire Agreement; Assignment</U>. This Agreement constitutes the entire agreement among the Parties with respect to the subject
matter hereof and supersedes all prior and contemporaneous agreements and undertakings, whether written or oral, among the Parties, or
either of them, with respect to the subject matter hereof and thereof. This Agreement shall not be assigned by operation of law or otherwise
without the prior written consent of each Party, and any assignment without such consent shall be null and void <I>ab initio</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9. <U>Parties in Interest</U>. This Agreement shall be binding upon and inure solely to the benefit of each Party, and nothing in this
Agreement, express or implied, is intended to or shall confer upon any other Person any rights, benefits or remedies of any nature whatsoever
under or by reason of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10. <U>Governing Law</U>. This Agreement, and any Proceeding in any way arising out of or relating to this Agreement, the negotiation,
execution or performance of this Agreement, the transactions contemplated hereby or the legal relationship of the Parties hereto (whether
at law or in equity, and whether in contract or in tort or otherwise), shall be governed by, and construed in accordance with, the internal
laws of the State of Delaware (without giving effect to choice of law principles thereof).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11. <U>Counterparts</U>. This Agreement may be executed and delivered (including by facsimile transmission, e-mail in &ldquo;portable
documentation format&rdquo; (&ldquo;.pdf&rdquo;) form, or other electronic transmission) in one or more counterparts, and by the different
Parties in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall
constitute one and the same agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
12. <U>Specific Performance</U>. The parties agree that irreparable damage for which monetary damages, even if available, would not be
an adequate remedy, may occur in the event that the Parties do not perform the provisions of this Agreement in accordance with its specified
terms or otherwise breach such provisions. The Parties acknowledge and agree that the Parties shall be entitled to seek an injunction,
specific performance and other equitable relief to prevent breaches or threatened breaches of this Agreement and to enforce specifically
the terms and provisions hereof, this being in addition to any other remedy to which they are entitled at law or in equity. Any Party
seeking an injunction or injunctions to prevent breaches or threatened breaches of this Agreement and to enforce specifically the terms
and provisions of this Agreement shall not be required to provide, furnish or post any bond or other security in connection with any
such order or injunction, and each party hereby irrevocably waives any right it may have to require the provision, furnishing or posting
of any such bond or other security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
13. <U>WAIVER OF JURY TRIAL</U>. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF ANY PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
14. <U>Interpretation</U>. When reference is made in this Agreement to a Section, such reference shall be to a Section of this Agreement
unless otherwise indicated. Whenever the words &ldquo;include,&rdquo; &ldquo;includes&rdquo; or &ldquo;including&rdquo; are used in this
Agreement, they shall be deemed to be followed by the words &ldquo;without limitation.&rdquo; The words &ldquo;hereof,&rdquo; &ldquo;herein,&rdquo;
&ldquo;hereby,&rdquo; &ldquo;hereunder&rdquo; and &ldquo;hereinafter&rdquo; and words of similar import, when used in this Agreement,
shall refer to this Agreement as a whole and not to any particular provision of this Agreement, unless the context otherwise requires.
Unless the context otherwise requires, the word &ldquo;or&rdquo; shall not be exclusive. This Agreement shall be construed without regard
to any presumption or rule requiring construction or interpretation against the party drafting or causing any instrument to be drafted.
Any agreement, instrument, statute, rule or regulation defined or referred to herein means such agreement, instrument, statute, rule
or regulation as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver
of consent and (in the case of statutes, rules or regulations) by succession or comparable successor statutes and references to all attachments
thereto and instruments incorporated therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<BR STYLE="clear: both"></FONT></P>


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date first written above by their respective officers
thereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
    Arena Group Holdings, Inc.</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Douglas B. Smith</I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Douglas
    B. Still</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer &amp; Secretary</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.
                                            Riley Financial, Inc. </B></FONT></P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Alan Forman</I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alan
    Forman</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
Vice President and General Counsel</FONT></P>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Signature
Page to</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Standstill
Agreement by and between</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">The
Arena Group Holdings, Inc. and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">B.
Riley Financial, Inc.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>5
<FILENAME>aren-20220715.xsd
<DESCRIPTION>INLINE XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" ?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.14a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
    <!-- Field: Doc-Info; Name: Misc; Value: 96Mps7xRiXgen8uDanwsWaqACbP9z5Z8yekhvWB7bRmafystoX11VieQg4EmMdsB -->
<schema xmlns="http://www.w3.org/2001/XMLSchema" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:dei="http://xbrl.sec.gov/dei/2022" xmlns:us-gaap="http://fasb.org/us-gaap/2022" xmlns:srt="http://fasb.org/srt/2022" xmlns:srt-types="http://fasb.org/srt-types/2022" xmlns:AREN="http://thearenagroup.net/20220715" elementFormDefault="qualified" targetNamespace="http://thearenagroup.net/20220715">
    <annotation>
      <appinfo>
	<link:roleType roleURI="http://thearenagroup.net/role/Cover" id="Cover">
	  <link:definition>00000001 - Document - Cover</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:linkbaseRef xlink:type="simple" xlink:href="aren-20220715_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="aren-20220715_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links" />
      </appinfo>
    </annotation>
    <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
    <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
    <import namespace="http://xbrl.sec.gov/dei/2022" schemaLocation="https://xbrl.sec.gov/dei/2022/dei-2022.xsd" />
    <import namespace="http://fasb.org/us-gaap/2022" schemaLocation="https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd" />
    <import namespace="http://fasb.org/us-types/2022" schemaLocation="https://xbrl.fasb.org/us-gaap/2022/elts/us-types-2022.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/2020-01-21" schemaLocation="https://www.xbrl.org/dtr/type/2020-01-21/types.xsd" />
    <import namespace="http://xbrl.sec.gov/country/2022" schemaLocation="https://xbrl.sec.gov/country/2022/country-2022.xsd" />
    <import namespace="http://fasb.org/srt/2022" schemaLocation="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd" />
    <import namespace="http://fasb.org/srt-types/2022" schemaLocation="https://xbrl.fasb.org/srt/2022/elts/srt-types-2022.xsd" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>aren-20220715_lab.xml
<DESCRIPTION>INLINE XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.14a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CoverAbstract" xlink:label="dei_CoverAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CoverAbstract_lbl" xml:lang="en-US">Cover [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentDescription" xlink:to="dei_AmendmentDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentDescription_lbl" xml:lang="en-US">Amendment Description</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentRegistrationStatement" xlink:label="dei_DocumentRegistrationStatement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentRegistrationStatement_lbl" xml:lang="en-US">Document Registration Statement</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentQuarterlyReport" xlink:label="dei_DocumentQuarterlyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentShellCompanyEventDate" xlink:label="dei_DocumentShellCompanyEventDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityBankruptcyProceedingsReportingCurrent" xlink:to="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xml:lang="en-US">Entity Bankruptcy Proceedings, Reporting Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentsIncorporatedByReferenceTextBlock" xlink:to="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xml:lang="en-US">Documents Incorporated by Reference [Text Block]</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>aren-20220715_pre.xml
<DESCRIPTION>INLINE XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.14a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef roleURI="http://thearenagroup.net/role/Cover" xlink:href="aren-20220715.xsd#Cover" xlink:type="simple" />
    <link:presentationLink xlink:type="extended" xlink:role="http://thearenagroup.net/role/Cover" xlink:title="00000001 - Document - Cover">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CoverAbstract" xlink:label="loc_deiCoverAbstract" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentType" xlink:label="loc_deiDocumentType" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentType" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AmendmentFlag" xlink:label="loc_deiAmendmentFlag" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiAmendmentFlag" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AmendmentDescription" xlink:label="loc_deiAmendmentDescription" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiAmendmentDescription" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentRegistrationStatement" xlink:label="loc_deiDocumentRegistrationStatement" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentRegistrationStatement" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentAnnualReport" xlink:label="loc_deiDocumentAnnualReport" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentAnnualReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentQuarterlyReport" xlink:label="loc_deiDocumentQuarterlyReport" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentQuarterlyReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentTransitionReport" xlink:label="loc_deiDocumentTransitionReport" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentTransitionReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentShellCompanyReport" xlink:label="loc_deiDocumentShellCompanyReport" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentShellCompanyReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentShellCompanyEventDate" xlink:label="loc_deiDocumentShellCompanyEventDate" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentShellCompanyEventDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentPeriodStartDate" xlink:label="loc_deiDocumentPeriodStartDate" />
      <link:presentationArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentPeriodStartDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_deiDocumentPeriodEndDate" />
      <link:presentationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentPeriodEndDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_deiDocumentFiscalPeriodFocus" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentFiscalPeriodFocus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_deiDocumentFiscalYearFocus" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentFiscalYearFocus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_deiCurrentFiscalYearEndDate" />
      <link:presentationArc order="130" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiCurrentFiscalYearEndDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityFileNumber" xlink:label="loc_deiEntityFileNumber" />
      <link:presentationArc order="140" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityFileNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityRegistrantName" xlink:label="loc_deiEntityRegistrantName" />
      <link:presentationArc order="150" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityRegistrantName" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCentralIndexKey" xlink:label="loc_deiEntityCentralIndexKey" />
      <link:presentationArc order="160" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityCentralIndexKey" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityPrimarySicNumber" xlink:label="loc_deiEntityPrimarySicNumber" />
      <link:presentationArc order="170" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityPrimarySicNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityTaxIdentificationNumber" xlink:label="loc_deiEntityTaxIdentificationNumber" />
      <link:presentationArc order="180" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityTaxIdentificationNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="loc_deiEntityIncorporationStateCountryCode" />
      <link:presentationArc order="190" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityIncorporationStateCountryCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine1" xlink:label="loc_deiEntityAddressAddressLine1" />
      <link:presentationArc order="200" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressAddressLine1" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine2" xlink:label="loc_deiEntityAddressAddressLine2" />
      <link:presentationArc order="210" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressAddressLine2" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine3" xlink:label="loc_deiEntityAddressAddressLine3" />
      <link:presentationArc order="220" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressAddressLine3" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCityOrTown" xlink:label="loc_deiEntityAddressCityOrTown" />
      <link:presentationArc order="230" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressCityOrTown" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressStateOrProvince" xlink:label="loc_deiEntityAddressStateOrProvince" />
      <link:presentationArc order="240" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressStateOrProvince" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCountry" xlink:label="loc_deiEntityAddressCountry" />
      <link:presentationArc order="250" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressCountry" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressPostalZipCode" xlink:label="loc_deiEntityAddressPostalZipCode" />
      <link:presentationArc order="260" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressPostalZipCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CountryRegion" xlink:label="loc_deiCountryRegion" />
      <link:presentationArc order="270" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiCountryRegion" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CityAreaCode" xlink:label="loc_deiCityAreaCode" />
      <link:presentationArc order="280" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiCityAreaCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_LocalPhoneNumber" xlink:label="loc_deiLocalPhoneNumber" />
      <link:presentationArc order="290" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiLocalPhoneNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Extension" xlink:label="loc_deiExtension" />
      <link:presentationArc order="300" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiExtension" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_WrittenCommunications" xlink:label="loc_deiWrittenCommunications" />
      <link:presentationArc order="310" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiWrittenCommunications" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SolicitingMaterial" xlink:label="loc_deiSolicitingMaterial" />
      <link:presentationArc order="320" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiSolicitingMaterial" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementTenderOffer" xlink:label="loc_deiPreCommencementTenderOffer" />
      <link:presentationArc order="330" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiPreCommencementTenderOffer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="loc_deiPreCommencementIssuerTenderOffer" />
      <link:presentationArc order="340" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiPreCommencementIssuerTenderOffer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12bTitle" xlink:label="loc_deiSecurity12bTitle" />
      <link:presentationArc order="350" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiSecurity12bTitle" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_NoTradingSymbolFlag" xlink:label="loc_deiNoTradingSymbolFlag" />
      <link:presentationArc order="360" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiNoTradingSymbolFlag" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_TradingSymbol" xlink:label="loc_deiTradingSymbol" />
      <link:presentationArc order="370" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiTradingSymbol" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityExchangeName" xlink:label="loc_deiSecurityExchangeName" />
      <link:presentationArc order="380" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiSecurityExchangeName" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12gTitle" xlink:label="loc_deiSecurity12gTitle" />
      <link:presentationArc order="390" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiSecurity12gTitle" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityReportingObligation" xlink:label="loc_deiSecurityReportingObligation" />
      <link:presentationArc order="400" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiSecurityReportingObligation" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AnnualInformationForm" xlink:label="loc_deiAnnualInformationForm" />
      <link:presentationArc order="410" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiAnnualInformationForm" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="loc_deiAuditedAnnualFinancialStatements" />
      <link:presentationArc order="420" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiAuditedAnnualFinancialStatements" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_deiEntityWellKnownSeasonedIssuer" />
      <link:presentationArc order="430" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityWellKnownSeasonedIssuer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_deiEntityVoluntaryFilers" />
      <link:presentationArc order="440" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityVoluntaryFilers" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_deiEntityCurrentReportingStatus" />
      <link:presentationArc order="450" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityCurrentReportingStatus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityInteractiveDataCurrent" xlink:label="loc_deiEntityInteractiveDataCurrent" />
      <link:presentationArc order="460" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityInteractiveDataCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityFilerCategory" xlink:label="loc_deiEntityFilerCategory" />
      <link:presentationArc order="470" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityFilerCategory" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntitySmallBusiness" xlink:label="loc_deiEntitySmallBusiness" />
      <link:presentationArc order="480" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntitySmallBusiness" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityEmergingGrowthCompany" xlink:label="loc_deiEntityEmergingGrowthCompany" />
      <link:presentationArc order="490" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityEmergingGrowthCompany" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityExTransitionPeriod" xlink:label="loc_deiEntityExTransitionPeriod" />
      <link:presentationArc order="500" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityExTransitionPeriod" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentAccountingStandard" xlink:label="loc_deiDocumentAccountingStandard" />
      <link:presentationArc order="510" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentAccountingStandard" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_OtherReportingStandardItemNumber" xlink:label="loc_deiOtherReportingStandardItemNumber" />
      <link:presentationArc order="520" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiOtherReportingStandardItemNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityShellCompany" xlink:label="loc_deiEntityShellCompany" />
      <link:presentationArc order="530" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityShellCompany" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityPublicFloat" xlink:label="loc_deiEntityPublicFloat" />
      <link:presentationArc order="540" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityPublicFloat" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="loc_deiEntityBankruptcyProceedingsReportingCurrent" />
      <link:presentationArc order="550" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityBankruptcyProceedingsReportingCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_deiEntityCommonStockSharesOutstanding" />
      <link:presentationArc order="560" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityCommonStockSharesOutstanding" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="loc_deiDocumentsIncorporatedByReferenceTextBlock" />
      <link:presentationArc order="570" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentsIncorporatedByReferenceTextBlock" xlink:type="arc" />
    </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>8
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.22.2</span><table class="report" border="0" cellspacing="2" id="idm139745952355872">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Jul. 15, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jul. 15,  2022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-12471<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">THE
ARENA GROUP HOLDINGS, INC.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000894871<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">68-0232575<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">24<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">TH<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine3', window );">Entity Address, Address Line Three</a></td>
<td class="text">FLOOR<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">NEW
    YORK<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10281<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">212<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">321-5002<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common
    Stock, par value $0.01 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AREN<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSEAMER<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 3 such as an Office Park</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>9
<FILENAME>form8-k_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2022"
  xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="aren-20220715.xsd" xlink:type="simple"/>
    <context id="From2022-07-15to2022-07-15">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000894871</identifier>
        </entity>
        <period>
            <startDate>2022-07-15</startDate>
            <endDate>2022-07-15</endDate>
        </period>
    </context>
    <unit id="USD">
        <measure>iso4217:USD</measure>
    </unit>
    <unit id="Shares">
        <measure>shares</measure>
    </unit>
    <unit id="USDPShares">
        <divide>
            <unitNumerator>
                <measure>iso4217:USD</measure>
            </unitNumerator>
            <unitDenominator>
                <measure>shares</measure>
            </unitDenominator>
        </divide>
    </unit>
    <dei:EntityCentralIndexKey contextRef="From2022-07-15to2022-07-15">0000894871</dei:EntityCentralIndexKey>
    <dei:AmendmentFlag contextRef="From2022-07-15to2022-07-15">false</dei:AmendmentFlag>
    <dei:CurrentFiscalYearEndDate contextRef="From2022-07-15to2022-07-15">--12-31</dei:CurrentFiscalYearEndDate>
    <dei:DocumentType contextRef="From2022-07-15to2022-07-15">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate contextRef="From2022-07-15to2022-07-15">2022-07-15</dei:DocumentPeriodEndDate>
    <dei:EntityRegistrantName contextRef="From2022-07-15to2022-07-15">THE ARENA GROUP HOLDINGS, INC.</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode contextRef="From2022-07-15to2022-07-15">DE</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber contextRef="From2022-07-15to2022-07-15">1-12471</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber contextRef="From2022-07-15to2022-07-15">68-0232575</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1 contextRef="From2022-07-15to2022-07-15">24</dei:EntityAddressAddressLine1>
    <dei:EntityAddressAddressLine2 contextRef="From2022-07-15to2022-07-15">TH</dei:EntityAddressAddressLine2>
    <dei:EntityAddressAddressLine3 contextRef="From2022-07-15to2022-07-15">FLOOR</dei:EntityAddressAddressLine3>
    <dei:EntityAddressCityOrTown contextRef="From2022-07-15to2022-07-15">NEW     YORK</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince contextRef="From2022-07-15to2022-07-15">NY</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode contextRef="From2022-07-15to2022-07-15">10281</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode contextRef="From2022-07-15to2022-07-15">212</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="From2022-07-15to2022-07-15">321-5002</dei:LocalPhoneNumber>
    <dei:Security12bTitle contextRef="From2022-07-15to2022-07-15">Common     Stock, par value $0.01 per share</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="From2022-07-15to2022-07-15">AREN</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="From2022-07-15to2022-07-15">NYSEAMER</dei:SecurityExchangeName>
    <dei:WrittenCommunications contextRef="From2022-07-15to2022-07-15">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial contextRef="From2022-07-15to2022-07-15">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer contextRef="From2022-07-15to2022-07-15">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer contextRef="From2022-07-15to2022-07-15">false</dei:PreCommencementIssuerTenderOffer>
    <dei:EntityEmergingGrowthCompany contextRef="From2022-07-15to2022-07-15">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>10
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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M=]W3CHG&K=!X#;[Q3X?#KHG&J]!TZVDF)_VN:Z3I%FA"1N/K>A(5M>5 TR
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M!Z.:60F]A%9JGZJ'-#ZH'C(*!?&Y'C[E>G@*-Y;&O%"N@GL!_]':-\*K^(+
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MU4#E/]O4#6CV#30<D05>,9FV-J/D3@H\W/[O#;#"Q([A[8N_ 5!+ P04
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ML YJ]_IB=V)DDKTR6$IC9)0=;CB##6%O@.]74IK#B7T+D;]$ZOT+4$L#!!0
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M8U!R;W!S+V-O<F4N>&UL4$L! A0#%     @ I(OO5)E<G",0!@  G"<  !,
M             ( !S0$  'AL+W1H96UE+W1H96UE,2YX;6Q02P$"% ,4
M" "DB^]44D0^THL$  !0$@  &               @($."   >&PO=V]R:W-H
M965T<R]S:&5E=#$N>&UL4$L! A0#%     @ I(OO5)^@&_"Q @  X@P   T
M             ( !SPP  'AL+W-T>6QE<RYX;6Q02P$"% ,4    " "DB^]4
MEXJ[',     3 @  "P              @ &K#P  7W)E;',O+G)E;'-02P$"
M% ,4    " "DB^]4JL0B%C,!   B @  #P              @ &4$   >&PO
M=V]R:V)O;VLN>&UL4$L! A0#%     @ I(OO5"0>FZ*M    ^ $  !H
M         ( !]!$  'AL+U]R96QS+W=O<FMB;V]K+GAM;"YR96QS4$L! A0#
M%     @ I(OO5&60>9(9 0  SP,  !,              ( !V1(  %M#;VYT
D96YT7U1Y<&5S72YX;6Q02P4&      D "0 ^ @  (Q0

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>11
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.22.2</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>1</ContextCount>
  <ElementCount>25</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>0</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>3</UnitCount>
  <MyReports>
    <Report instance="form8-k.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>00000001 - Document - Cover</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://thearenagroup.net/role/Cover</Role>
      <ShortName>Cover</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File doctype="8-K" original="form8-k.htm">form8-k.htm</File>
    <File>aren-20220715.xsd</File>
    <File>aren-20220715_lab.xml</File>
    <File>aren-20220715_pre.xml</File>
    <File>ex10-1.htm</File>
    <File>ex3-1.htm</File>
    <File>ex4-1.htm</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy items="25">http://xbrl.sec.gov/dei/2022</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>false</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>15
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "instance": {
  "form8-k.htm": {
   "axisCustom": 0,
   "axisStandard": 0,
   "contextCount": 1,
   "dts": {
    "inline": {
     "local": [
      "form8-k.htm"
     ]
    },
    "labelLink": {
     "local": [
      "aren-20220715_lab.xml"
     ]
    },
    "presentationLink": {
     "local": [
      "aren-20220715_pre.xml"
     ]
    },
    "schema": {
     "local": [
      "aren-20220715.xsd"
     ],
     "remote": [
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/2006/ref-2006-02-27.xsd",
      "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd",
      "https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd",
      "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd",
      "https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd",
      "https://xbrl.fasb.org/srt/2022/elts/srt-roles-2022.xsd",
      "https://xbrl.fasb.org/srt/2022/elts/srt-types-2022.xsd",
      "https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd",
      "https://xbrl.fasb.org/us-gaap/2022/elts/us-roles-2022.xsd",
      "https://xbrl.fasb.org/us-gaap/2022/elts/us-types-2022.xsd",
      "https://xbrl.sec.gov/country/2022/country-2022.xsd",
      "https://xbrl.sec.gov/dei/2022/dei-2022.xsd"
     ]
    }
   },
   "elementCount": 59,
   "entityCount": 1,
   "hidden": {
    "http://xbrl.sec.gov/dei/2022": 3,
    "total": 3
   },
   "keyCustom": 0,
   "keyStandard": 25,
   "memberCustom": 0,
   "memberStandard": 0,
   "nsprefix": "AREN",
   "nsuri": "http://thearenagroup.net/20220715",
   "report": {
    "R1": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "b",
       "span",
       "p",
       "body",
       "html"
      ],
      "baseRef": "form8-k.htm",
      "contextRef": "From2022-07-15to2022-07-15",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "document",
     "isDefault": "true",
     "longName": "00000001 - Document - Cover",
     "role": "http://thearenagroup.net/role/Cover",
     "shortName": "Cover",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "b",
       "span",
       "p",
       "body",
       "html"
      ],
      "baseRef": "form8-k.htm",
      "contextRef": "From2022-07-15to2022-07-15",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    }
   },
   "segmentCount": 0,
   "tag": {
    "dei_AmendmentDescription": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Description of changes contained within amended document.",
        "label": "Amendment Description"
       }
      }
     },
     "localname": "AmendmentDescription",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "stringItemType"
    },
    "dei_AmendmentFlag": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.",
        "label": "Amendment Flag"
       }
      }
     },
     "localname": "AmendmentFlag",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_AnnualInformationForm": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag with value true on a form if it is an annual report containing an annual information form.",
        "label": "Annual Information Form"
       }
      }
     },
     "localname": "AnnualInformationForm",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_AuditedAnnualFinancialStatements": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag with value true on a form if it is an annual report containing audited financial statements.",
        "label": "Audited Annual Financial Statements"
       }
      }
     },
     "localname": "AuditedAnnualFinancialStatements",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_CityAreaCode": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Area code of city",
        "label": "City Area Code"
       }
      }
     },
     "localname": "CityAreaCode",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_CountryRegion": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Region code of country",
        "label": "Country Region"
       }
      }
     },
     "localname": "CountryRegion",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_CoverAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Cover page.",
        "label": "Cover [Abstract]"
       }
      }
     },
     "localname": "CoverAbstract",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "xbrltype": "stringItemType"
    },
    "dei_CurrentFiscalYearEndDate": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "End date of current fiscal year in the format --MM-DD.",
        "label": "Current Fiscal Year End Date"
       }
      }
     },
     "localname": "CurrentFiscalYearEndDate",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "gMonthDayItemType"
    },
    "dei_DocumentAccountingStandard": {
     "auth_ref": [
      "r13"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'.",
        "label": "Document Accounting Standard"
       }
      }
     },
     "localname": "DocumentAccountingStandard",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "accountingStandardItemType"
    },
    "dei_DocumentAnnualReport": {
     "auth_ref": [
      "r11",
      "r13",
      "r14"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as an annual report.",
        "label": "Document Annual Report"
       }
      }
     },
     "localname": "DocumentAnnualReport",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentFiscalPeriodFocus": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.",
        "label": "Document Fiscal Period Focus"
       }
      }
     },
     "localname": "DocumentFiscalPeriodFocus",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "fiscalPeriodItemType"
    },
    "dei_DocumentFiscalYearFocus": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.",
        "label": "Document Fiscal Year Focus"
       }
      }
     },
     "localname": "DocumentFiscalYearFocus",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "gYearItemType"
    },
    "dei_DocumentPeriodEndDate": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.",
        "label": "Document Period End Date"
       }
      }
     },
     "localname": "DocumentPeriodEndDate",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_DocumentPeriodStartDate": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The start date of the period covered in the document, in YYYY-MM-DD format.",
        "label": "Document Period Start Date"
       }
      }
     },
     "localname": "DocumentPeriodStartDate",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_DocumentQuarterlyReport": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as an quarterly report.",
        "label": "Document Quarterly Report"
       }
      }
     },
     "localname": "DocumentQuarterlyReport",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentRegistrationStatement": {
     "auth_ref": [
      "r0"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as a registration statement.",
        "label": "Document Registration Statement"
       }
      }
     },
     "localname": "DocumentRegistrationStatement",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentShellCompanyEventDate": {
     "auth_ref": [
      "r13"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Date of event requiring a shell company report.",
        "label": "Document Shell Company Event Date"
       }
      }
     },
     "localname": "DocumentShellCompanyEventDate",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_DocumentShellCompanyReport": {
     "auth_ref": [
      "r13"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.",
        "label": "Document Shell Company Report"
       }
      }
     },
     "localname": "DocumentShellCompanyReport",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentTransitionReport": {
     "auth_ref": [
      "r15"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as a transition report.",
        "label": "Document Transition Report"
       }
      }
     },
     "localname": "DocumentTransitionReport",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentType": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.",
        "label": "Document Type"
       }
      }
     },
     "localname": "DocumentType",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "submissionTypeItemType"
    },
    "dei_DocumentsIncorporatedByReferenceTextBlock": {
     "auth_ref": [
      "r3"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Documents incorporated by reference.",
        "label": "Documents Incorporated by Reference [Text Block]"
       }
      }
     },
     "localname": "DocumentsIncorporatedByReferenceTextBlock",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "textBlockItemType"
    },
    "dei_EntityAddressAddressLine1": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Address Line 1 such as Attn, Building Name, Street Name",
        "label": "Entity Address, Address Line One"
       }
      }
     },
     "localname": "EntityAddressAddressLine1",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressAddressLine2": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Address Line 2 such as Street or Suite number",
        "label": "Entity Address, Address Line Two"
       }
      }
     },
     "localname": "EntityAddressAddressLine2",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressAddressLine3": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Address Line 3 such as an Office Park",
        "label": "Entity Address, Address Line Three"
       }
      }
     },
     "localname": "EntityAddressAddressLine3",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressCityOrTown": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Name of the City or Town",
        "label": "Entity Address, City or Town"
       }
      }
     },
     "localname": "EntityAddressCityOrTown",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressCountry": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "ISO 3166-1 alpha-2 country code.",
        "label": "Entity Address, Country"
       }
      }
     },
     "localname": "EntityAddressCountry",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "countryCodeItemType"
    },
    "dei_EntityAddressPostalZipCode": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Code for the postal or zip code",
        "label": "Entity Address, Postal Zip Code"
       }
      }
     },
     "localname": "EntityAddressPostalZipCode",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressStateOrProvince": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Name of the state or province.",
        "label": "Entity Address, State or Province"
       }
      }
     },
     "localname": "EntityAddressStateOrProvince",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "stateOrProvinceItemType"
    },
    "dei_EntityBankruptcyProceedingsReportingCurrent": {
     "auth_ref": [
      "r6"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "For registrants involved in bankruptcy proceedings during the preceding five years, the value Yes indicates that the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court; the value No indicates the registrant has not.  Registrants not involved in bankruptcy proceedings during the preceding five years should not report this element.",
        "label": "Entity Bankruptcy Proceedings, Reporting Current"
       }
      }
     },
     "localname": "EntityBankruptcyProceedingsReportingCurrent",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityCentralIndexKey": {
     "auth_ref": [
      "r2"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.",
        "label": "Entity Central Index Key"
       }
      }
     },
     "localname": "EntityCentralIndexKey",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "centralIndexKeyItemType"
    },
    "dei_EntityCommonStockSharesOutstanding": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.",
        "label": "Entity Common Stock, Shares Outstanding"
       }
      }
     },
     "localname": "EntityCommonStockSharesOutstanding",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "sharesItemType"
    },
    "dei_EntityCurrentReportingStatus": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.",
        "label": "Entity Current Reporting Status"
       }
      }
     },
     "localname": "EntityCurrentReportingStatus",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_EntityEmergingGrowthCompany": {
     "auth_ref": [
      "r2"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate if registrant meets the emerging growth company criteria.",
        "label": "Entity Emerging Growth Company"
       }
      }
     },
     "localname": "EntityEmergingGrowthCompany",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityExTransitionPeriod": {
     "auth_ref": [
      "r19"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.",
        "label": "Elected Not To Use the Extended Transition Period"
       }
      }
     },
     "localname": "EntityExTransitionPeriod",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityFileNumber": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.",
        "label": "Entity File Number"
       }
      }
     },
     "localname": "EntityFileNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "fileNumberItemType"
    },
    "dei_EntityFilerCategory": {
     "auth_ref": [
      "r2"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.",
        "label": "Entity Filer Category"
       }
      }
     },
     "localname": "EntityFilerCategory",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "filerCategoryItemType"
    },
    "dei_EntityIncorporationStateCountryCode": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Two-character EDGAR code representing the state or country of incorporation.",
        "label": "Entity Incorporation, State or Country Code"
       }
      }
     },
     "localname": "EntityIncorporationStateCountryCode",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "edgarStateCountryItemType"
    },
    "dei_EntityInteractiveDataCurrent": {
     "auth_ref": [
      "r16"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).",
        "label": "Entity Interactive Data Current"
       }
      }
     },
     "localname": "EntityInteractiveDataCurrent",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_EntityPrimarySicNumber": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Primary Standard Industrial Classification (SIC) Number for the Entity.",
        "label": "Entity Primary SIC Number"
       }
      }
     },
     "localname": "EntityPrimarySicNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "sicNumberItemType"
    },
    "dei_EntityPublicFloat": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.",
        "label": "Entity Public Float"
       }
      }
     },
     "localname": "EntityPublicFloat",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "monetaryItemType"
    },
    "dei_EntityRegistrantName": {
     "auth_ref": [
      "r2"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.",
        "label": "Entity Registrant Name"
       }
      }
     },
     "localname": "EntityRegistrantName",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityShellCompany": {
     "auth_ref": [
      "r2"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.",
        "label": "Entity Shell Company"
       }
      }
     },
     "localname": "EntityShellCompany",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntitySmallBusiness": {
     "auth_ref": [
      "r2"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicates that the company is a Smaller Reporting Company (SRC).",
        "label": "Entity Small Business"
       }
      }
     },
     "localname": "EntitySmallBusiness",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityTaxIdentificationNumber": {
     "auth_ref": [
      "r2"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.",
        "label": "Entity Tax Identification Number"
       }
      }
     },
     "localname": "EntityTaxIdentificationNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "employerIdItemType"
    },
    "dei_EntityVoluntaryFilers": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.",
        "label": "Entity Voluntary Filers"
       }
      }
     },
     "localname": "EntityVoluntaryFilers",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_EntityWellKnownSeasonedIssuer": {
     "auth_ref": [
      "r17"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.",
        "label": "Entity Well-known Seasoned Issuer"
       }
      }
     },
     "localname": "EntityWellKnownSeasonedIssuer",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_Extension": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Extension number for local phone number.",
        "label": "Extension"
       }
      }
     },
     "localname": "Extension",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_LocalPhoneNumber": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Local phone number for entity.",
        "label": "Local Phone Number"
       }
      }
     },
     "localname": "LocalPhoneNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_NoTradingSymbolFlag": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true only for a security having no trading symbol.",
        "label": "No Trading Symbol Flag"
       }
      }
     },
     "localname": "NoTradingSymbolFlag",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "trueItemType"
    },
    "dei_OtherReportingStandardItemNumber": {
     "auth_ref": [
      "r13"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "\"Item 17\" or \"Item 18\" specified when the basis of accounting is neither US GAAP nor IFRS.",
        "label": "Other Reporting Standard Item Number"
       }
      }
     },
     "localname": "OtherReportingStandardItemNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "otherReportingStandardItemNumberItemType"
    },
    "dei_PreCommencementIssuerTenderOffer": {
     "auth_ref": [
      "r7"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.",
        "label": "Pre-commencement Issuer Tender Offer"
       }
      }
     },
     "localname": "PreCommencementIssuerTenderOffer",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_PreCommencementTenderOffer": {
     "auth_ref": [
      "r8"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.",
        "label": "Pre-commencement Tender Offer"
       }
      }
     },
     "localname": "PreCommencementTenderOffer",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_Security12bTitle": {
     "auth_ref": [
      "r1"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Title of a 12(b) registered security.",
        "label": "Title of 12(b) Security"
       }
      }
     },
     "localname": "Security12bTitle",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "securityTitleItemType"
    },
    "dei_Security12gTitle": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Title of a 12(g) registered security.",
        "label": "Title of 12(g) Security"
       }
      }
     },
     "localname": "Security12gTitle",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "securityTitleItemType"
    },
    "dei_SecurityExchangeName": {
     "auth_ref": [
      "r4"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Name of the Exchange on which a security is registered.",
        "label": "Security Exchange Name"
       }
      }
     },
     "localname": "SecurityExchangeName",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "edgarExchangeCodeItemType"
    },
    "dei_SecurityReportingObligation": {
     "auth_ref": [
      "r9"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "15(d), indicating whether the security has a reporting obligation under that section of the Exchange Act.",
        "label": "Security Reporting Obligation"
       }
      }
     },
     "localname": "SecurityReportingObligation",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "securityReportingObligationItemType"
    },
    "dei_SolicitingMaterial": {
     "auth_ref": [
      "r10"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.",
        "label": "Soliciting Material"
       }
      }
     },
     "localname": "SolicitingMaterial",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_TradingSymbol": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Trading symbol of an instrument as listed on an exchange.",
        "label": "Trading Symbol"
       }
      }
     },
     "localname": "TradingSymbol",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "tradingSymbolItemType"
    },
    "dei_WrittenCommunications": {
     "auth_ref": [
      "r18"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.",
        "label": "Written Communications"
       }
      }
     },
     "localname": "WrittenCommunications",
     "nsuri": "http://xbrl.sec.gov/dei/2022",
     "presentation": [
      "http://thearenagroup.net/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    }
   },
   "unitCount": 3
  }
 },
 "std_ref": {
  "r0": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12"
  },
  "r1": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b"
  },
  "r10": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14a",
   "Subsection": "12"
  },
  "r11": {
   "Name": "Form 10-K",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "310"
  },
  "r12": {
   "Name": "Form 10-Q",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "308",
   "Subsection": "a"
  },
  "r13": {
   "Name": "Form 20-F",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "220",
   "Subsection": "f"
  },
  "r14": {
   "Name": "Form 40-F",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "240",
   "Subsection": "f"
  },
  "r15": {
   "Name": "Forms 10-K, 10-Q, 20-F",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "13",
   "Subsection": "a-1"
  },
  "r16": {
   "Name": "Regulation S-T",
   "Number": "232",
   "Publisher": "SEC",
   "Section": "405"
  },
  "r17": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "405"
  },
  "r18": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "425"
  },
  "r19": {
   "Name": "Securities Act",
   "Number": "7A",
   "Publisher": "SEC",
   "Section": "B",
   "Subsection": "2"
  },
  "r2": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r3": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b-23"
  },
  "r4": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "d1-1"
  },
  "r5": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "g"
  },
  "r6": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12, 13, 15d"
  },
  "r7": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "13e",
   "Subsection": "4c"
  },
  "r8": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14d",
   "Subsection": "2b"
  },
  "r9": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "15",
   "Subsection": "d"
  }
 },
 "version": "2.1"
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>16
<FILENAME>0001493152-22-019480-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001493152-22-019480-xbrl.zip
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M:TM<L0&9TTR8Y4&P )@R&5 R)'5(";WTO+Y+0'/Y$"/8'%/FE@"[R28%34U
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M1O>F?N-T6_#C%@O=7IF<DNUMUD;7X?:*!??:V5?X1@U.JUBH=UND[PS<NNO
MF_;5M3L@]:N^XZ".MK"Z_R5*\]%L)UW[=F&[$ZY 'YE]$&L>;H\@S5)]D<?5
M]5J##/(J\/],Q$7U4ZT>LLB''UVM?*J]DN;PFQ(9S@B-?#)D>LI81-P)(W7)
M(DJNI$AB<BT"GT=C52H6VI%7+A%*6BR@4RH9\82,A:2:BXB\'@D9,AG,B)ZP
M&WK'8(UV 'S.H6B*,*;1;!D# @!XDGLT(@,MO*_$E312(R;)*QK&%_ 1]IBD
M@P%+I].$8<IZ;$7H&-:%*\Y/U;?GZN.5-1/8EI#ZC+#1B'F:WS&4)$;D7PG
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M<K7A+=?8_A$1FWLN!4X8)D=*(ZXRJ1,%>T-U(AFYW^34>(LVY!HA,PSX4D1
MT0 X9Z>9T#NV$$P3/0%D>C;O79J)&28!'J-#'L YS.CS*YC/?R#MEF!_2$E+
M8ZYAEK] N2Z38<K<_&%L.BL"-9^?;Q1$0MMFP90K).7(M.%7"!$R:ESNHM7
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M>YQ2+X$J)8G%DC&%'&CR<IDAU\$.\J0YX6QDD5SRB$8>IP'IX5,]3#Y E[2
MWHLB;)<0'@K$7[[J2!M7YMX*WLD[)TD<,^E15$C]QNFWF_6NQ3QP>\U_$[=?
M[PXNG7[V1;G^IX$+2[F!E7PI$?R>W*_NTG="KXMJ<OEKB;NIFD,Y>2@G=[=
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MN([E5#8EZ/TT5Z_Q-3W$L$<XZ3'^,P_Q\:RB.5I8_V2W.I,J:,9K+)/? (Q
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MZ+]VPE^JB'?B ?ND=DB_UK5K\W-AH8#] &%/QNHEFYQ5Q)\.!JYF(<HFX(C
M)Q*%)VTJ"-8#\*$Z51P 'X/QY<:U*:\%(_!";9B'K?&8E[AW%06%]Z6/N$P/
M-.@;I1F3F*'(HO>:#2\"ILF&@BZ*K/#+S)%4O"!?E2W5%D$V-9R8$;F':$,.
M$C/"6)4B@92M3J;&@VF'<[ZW,[(]&[N!FS??Q\USF#.Y8EE\#PE*5%1P%O:@
MG5\N&ISPOI@2M"5CY..!'?R)T.P6)^-9(>*9V4 3,>'IT8[=KQBG*LIKO'HQ
M$;;Q(TV':_(;&2/W-D1L7_^6WRE.652^2[8I@!L0:'+VAJ/8J\B8)W(AK.)S
MT^Y7P\\_.^'M!1L:V_/>T6B7:@[M"]*D5$9:RF-(0&45K^CQ[X, 8T(F?CR8
M'*&'I?$C(>6N1;F'GB*SC\\LXCC# @S!_;9%TJMHP9;!Z=5L16>V<'MEXGW?
MP;NU$#.UPON_4 N>7,@CDA,W_T$/F+*+GWPA)_C-%W+*=-1VZ+1F*"FR@98C
MIL)G@37MDN>DX(SSA]+>I_4UOGYS E!:C+'-R]<0\-I]49ELK>I7;(J*@4R%
MV]_T<LW&EC2T 1WV@]UH_C*8\D$W#!Z!U:SK(R*KS'3&P\[S84N3A%QZ+\02
MLNE1 D-3-P%?NB(ZP>UU85='1K&^%KR]2:+=/#3,%"GK.A^7S7T(?N?, #R
M(*PA=O7M'HP+/(Y[X5_TP;W$Z2*RK5A:6^SI0P'@#,@#UICL=*[!AX5+^"HJ
M9<?!E BN%3SAPA!3,BDH9$)./-T"4T2V#"[GL@,+L.7(J-D=S,8 '+;)80H:
MT.D(C W/,_1U=2QI?IVHHO9D%9S(7ZZ&VHJK.CJ)(/7>-WM GT3"H,@5]/7+
MIPO44*>Q(D4&,B:5$!/L8IHBA[('1Z8L( @QRK5%)@BJS?I:, ;0*:@9?+J,
M:,[8H_785AG[X\&Q&V"(<F>P 2!:5ZB\H!7,,0H3ZK@6O]1QQL!X* <<;V"G
MRH./<8,2DW+(P,O&!HZ :8K#+'N2+1-0PE\(LQWT%[5:"Z:49^S@+(AP + $
MT!/555;1F.'\!"9YZNLI./8:>/7@U&]H]X%C/S4='*@P6F AMW1@G4$U#EH!
MWPUF$2]I!Z^W'(N7D)(V55B?(I^]D96YV" A#6K9S/ Q,9[2#]QY Y)A)5]?
M\Z42]6JL9+K-2'25!K6D2;PM6(22@!A85<8K:#B8Q)=?D"?0GZYW%1K..9H(
MV(OMMG^"8&)-#ZP ^X8*-;EP;X:HP-:# )F'0_$P%-(O_Q@>4613<[ 65V'L
M>8 TMVF8 M/20+"Y#H)!@&EQ]_ *%"!%? TU8#7ET30V,$"2>YJ)'>8+?\WJ
MM^.B':%JNHMVQ#WC\3>3#?#T&1#A S2_@1D3Z' 08?U>7].U/NA8BM\G#5TP
MMRL,!SZ2'MA;0 <!= '&0P-X^1J_>?8)2X9 ISB F:R_OH88;3"BPRP"Z09T
M9]NR-<)0HZ? ;;ST6N-B8CN3,,>!&EH,$YWBUJ,@PNFY=H021L3/&$ =4Q2R
MCC"L"B!%=?P $E\HH7DZ-#5Q_1S!>ZU)QV+]D,&:QW8C=U='1!4T*?B2&EZ,
M1202O_9&C#1A7^+VDN/(2@\J@8Q3;,Z.N5!#!6@4%.Z*;43\"F<";-F>UH;5
M*Y^2/-287!D"RJ)F'S?  Z)IIX,H?T]AB%R^ R:"/,.O)O\V&NJQ$#08O=*#
M]=:WM<<;FU.KP@0YHCRR4MFNT@M$:(2'6T,2H^&N,F@5WH?H.APU8-(^4/TU
M4!VC:5W& _]NOX]:JS(J_ 00 .[I@;@"%/+]!%!"H:XV^>4"9>%[K/'J.)#M
M$2I?\)D]7TD0ZOAX@K.<@5Q">R+7N#5>+J94" 5F?(4DPNU$)YZ2V*@EG$0I
M S^@MK'.)E3%:[>%\/\)<O414GOED%IV64-J5QZ(:_YA+-"O-P^K+3>PSAU#
MPUZF31W<?G5ZWGJ)4L1CLD&JQ@-Q-'Z (@1RGG\/C_UFLA'@6RTH^]@D6!I$
MRZ4RN65%-!^[!#T73!U?2(O)=L+V%#$+?GZ,QY6YR[!X6)OC1^_FGEOJ_?VJ
MB(1R- .1%I!2M+!/#BXZ9 *N)UB?-LHO;I7@9@K"1D?D .&'H="1%ZLX_T8,
M$_^:EJP@NB T!IL"(/=@9G/_ND.\B^2][$'_ER/O^Q?<,5M?"VVRS.PV;E^$
M>XD6[;-[SUN.#9Y$FXS<\[Z)@Y#[W#W>%$:^2FU@N>R?^4/V 5_/P?,V,+[2
MD!%.-5.X[8W )>71U11IH1L9<E1YP ;##[+K])@%_%<Q;0)=7/!*%&887F S
MX![?M>'&TJQ@(BE#<^@QN#JX'^@9CZ-'SR(WB")1C\T8&@?/!&;/%6%X)GB"
MEU*ZO/W0,-HN'H$4KG&(@HG!;_*1@=<<9NR<DT!73NW>RJ>-:M?Z6DB]0)"@
M-Y/K;! 4"K8CT$T527HO" OEQF$AL>7Q(KA>LA4MUNI_.,$J^Y%@]9%@]:<F
M6'V$@=[>:2HLL=,4A%.]VW8!]LO(8UU8#9'OI>&^S.$(+$1[CU1$WC8L=\>:
M#3-";JALO?< T>M8*8_Z:'RU_N<^6F&U%_T/D'M5D-M9XO31("O)OW8,/T^,
MF,<-WV ':/7!:S5%?C[2G9VS=,_U]JY86W1AI&^H\[K*,A:+YGA\TE,]C\)5
M3MC^PQ5RGA>&3OI@$TO4M-2)7A.EI4%?GBC.17?.7^^;TY\Z2TWME>'S96+@
M!($+NG3W8>"54-I>%Q@6?1OOM'*M@C8=43PK8/H;"BLGN,M[O_ ")#J7DOZS
M@%M-WT;WGN&2++7]L2^3GH470=!A+BFE>@YH^.Q=NTV>RJKBO@$4B.S5HLA>
MW4_+<]:_Q8]]];1Q_M\WGFO3T^'OY6;G_&0I_Q[![371*>^CTXRT^++8]N>A
MF2;EWUV,.VLPC5\%__QH6QP-:%-G0*GQV'%2K.I?&>WMOU_Q#U12B_PM]\%<
MO+* (>,S7^?GE0A&OC<-626Y6VU:WY58Y5/959VG/]^H[#F.:>^FTX/!(&53
M)=5E]^FRI?3P;&N:JEW92@,@R^GB3KZX+:4SF8R4W\E)A6PVFY&DXE8V/09^
MGS*\XC\)]&.NVBZA(I[B+0O/PW\\C)4-T/])L+_Y(MSG>6D!+>&36OP<,/"6
MI]-YR4- F5<7EK:&?RHJE.PEDK."(U[.^(R7GZ-S&*34P4-Q6T*H%(^L>*NF
M-?61P =V_J:YEXNU_5<%A#Z,Z26%2CQ+]6%-+]*:EC*^.1U_"DXH>KR!+(Y/
M/X:3L^YV")6,;Q^=*FH$GVZN&7@/ M]V];#TL'D<]]0:X='99O@Z!D XS0I?
M..&=\K8U59,QL_;#(%\1T5UM6M^56$F9_*K.T_+26F'W>!,/DL?S16MXMX',
M3QB3(["@ 65U2C9HOTU5M()#EYG4#,S?)M\/F^=$98J+H+G0;[:_\V2[_ZRO
M'7.+V\^R?Q_WC>8^TN$_TN&7*1W^3>]P7G+"6[63>OGJNEF=-^WO'/L;W@T^
MZVM!?(7?#26R1I_VT87-N#O95?3$%-FU>;Q'PTN60N?*\"2>N!D2\U';M"?K
M'?#6Q&D_GN'MU< ER<5T;=[>^/3?1XKV"J9HSY//1^CO[PI2(EY_O'D,O,#'
M!XGLL]D\[_M(3OW/MS:K]3(Y:5Y>-\CIY?E1K7[2VB2U>B4U.S_[[><P$+H"
MO\A_.7T;G\2EIS"_:!*72726=#+F2=;A:'<ZQ7N!:9!SQ2:ME+;3@M@CYG9U
MF=]WV^ISCU!;6D1Z!V*%7_Y^BF"]R4(L1$70,I:7#UEY([*N-$>GNTM'5J6G
MT8Z@)-A?(9>=CJ90:Z5C>P\'F?)[Y%+<QKM+SF7;^8@YO2#FM**7#RPW=>DV
M4T>H7>F>T]=+43%N46>/\%6'#-7A'JD=\1]N,\7#6_XQ"'&A/)\'_A[]/#S^
MJ5;/NG?E+\UVNMP9_LQ>7@^/S[X/+\ZTL_-J3:=Z8:BUOJMWJM4HFHVMT=>;
M_DGWVTE^9V=@#:M#6Y;KOWZ<:[;6&YZUZZ;\C7VIM(L:L_[;5;+?MCI=RS[.
MF=^&Y^?7:F[XWYN[;XTO%S=WG:%3^\RVOUX=_K*ON_9U\>KR1_.P>J(,[^S\
MZ<V7W-:A8?:WS"_?1E^MN_-?E:K4.*_\RMUU[A@K_+ S]8YTHU[?9#7CRQEK
M[EP4NU2KU7YW6Y^E8O6J>%$XO>O?U^_RAM,=-52W5^C?V?5VQ;6_'ZL_[L[3
M6[G,X6FS]_FZ>W#@B^;_ U!+ 0(4 Q0    ( *2+[U2$UD]O*P,  +H+   1
M              "  0    !A<F5N+3(P,C(P-S$U+GAS9%!+ 0(4 Q0    (
M *2+[U1RE.3>_@H  ("&   5              "  5H#  !A<F5N+3(P,C(P
M-S$U7VQA8BYX;6Q02P$"% ,4    " "DB^]4C]V1[%D'  #?5P  %0
M        @ &+#@  87)E;BTR,#(R,#<Q-5]P<F4N>&UL4$L! A0#%     @
MI(OO5%\::KIT'0  ]ZX   H              ( !%Q8  &5X,3 M,2YH=&U0
M2P$"% ,4    " "DB^]4'A<Z$T@(   D.P  "0              @ &S,P
M97@S+3$N:'1M4$L! A0#%     @ I(OO5+<6$)ML"0  VDX   D
M     ( !(CP  &5X-"TQ+FAT;5!+ 0(4 Q0    ( *2+[U0J*=$YTAD  "'.
M   +              "  ;5%  !F;W)M."UK+FAT;5!+!08     !P ' *0!
(  "P7P     !

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
