<SEC-DOCUMENT>0001493152-22-032735.txt : 20221228
<SEC-HEADER>0001493152-22-032735.hdr.sgml : 20221228
<ACCEPTANCE-DATETIME>20221117120338
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001493152-22-032735
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20221117

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; 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; margin: 0pt 0pt 0pt 4in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
17, 2022</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Requested Under 17 C.F.R. &sect; 200.83</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United
States Securities and Exchange Commission</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100
F Street, N.E.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington,
D.C. 20549</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re:
Arena Group Holdings, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form
10-K for the fiscal year ended December 31, 2021</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Filed
April 1, 2022</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>File
No. 001-12471</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Arena Group Holdings, Inc. (&ldquo;Arena,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo;)
submits this letter in response to comments from the Staff (the &ldquo;Staff&rdquo;) in the Division of Corporation Finance at the Securities
and Exchange Commission (the &ldquo;Commission&rdquo;) dated November 9, 2022 (the &ldquo;Comment Letter&rdquo;) relating to the Company&rsquo;s
Form 10-K for the fiscal year ended December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company respectfully requests confidential treatment for certain portions of this letter pursuant to Rule 83 promulgated by the Commission,
17 C.F.R. &sect;200.83. This letter is accompanied by such request for confidential treatment because of the commercially sensitive nature
of the information discussed in this letter. A redacted letter will be filed on EDGAR, omitting the confidential information contained
in this letter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7pt; text-align: justify; text-indent: 0.5in"><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 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Form
10-K for the fiscal year ended December 31, 2021</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I><U>Item
7. Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations Results of Operations, page 31</U></I></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 8pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>1.</I></B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
                                            note in your response to prior comment 1 of our letter dated August 19, 2022 that you state
                                            &ldquo;Regarding subscription renewals, the Company tends to focus on total subscription
                                            revenue rather than the actual number of subscribers and renewal rates.&rdquo; Please clarify
                                            how management uses the actual number of subscribers and renewal rates to manage and assess
                                            the performance of your business. Describe any known trends with respect to the actual number
                                            of subscribers and renewal rates that have had or are reasonably likely to have a material
                                            effect on revenue or income from continuing operations.</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
acknowledge the Staff&rsquo;s comment and respectfully advise the Staff that the Company has two types of subscriptions: (i) digital
subscriptions, with theStreet.com counting for the majority of such subscriptions, and (ii) print subscriptions, with Sports Illustrated
magazine counting for the majority of such subscriptions. At theStreet.com, we have [***] products and [***], for a total
of [***] offerings. Following management changes in September 2021, we made a shift in editorial focus and began broadening theStreet.com&rsquo;s
audience base by attracting more young users and female users. Overall, the number of monthly average page views increased significantly
because of these efforts. We developed new product offerings to cater to this influx of new users, but, as anticipated, we also saw a
decline in existing subscribers. These factors combined resulted in lower renewal rates, some of which related to departing subscribers
and some of which related to switching to other products. While our marketing teams look at individual product renewal rates to maximize
their marketing efficiency, management does not use aggregated renewal rates as a key performance indicator since it can prove to be
a misleading indicator of the health and trends of this component of our business. Likewise, we believe that gross subscriber numbers
do not provide significant insights into this aspect of our business and related trends, without knowing the pricing of the individual
products. Our management team focuses on the revenue generation from digital subscriptions as the best gauge of the trends and soundness
of the digital subscription business, rather than individual product metrics which are too detailed to be useful key performance indicators.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"></P>

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    <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%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to portions of this letter.</B></FONT></P></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONFIDENTIAL TREATMENT REQUESTED BY ARENA GROUP HOLDINGS, INC.</FONT></P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Publishers
have traditionally strived to grow subscribers, especially through outside agencies, even if incremental subscribers were generated at
a loss where the agency commissions exceeded the contract revenues. This was done because the subscriber count (the &ldquo;Rate Base&rdquo;)
could be sold to advertisers and the advertising income would offset the loss on the subscription sale. Advertisers relied on the Audit
Bureau of Circulation to confirm subscription counts for each publisher and demanded make-whole services (such as free ads) from the
publisher to compensate for shortfalls in the subscriber count. This increased the pressure on publishers to generate more subscribers.
However, as print advertising has been declining in recent years, this approach no longer supports a revenue generating business. As
a result, in contrast to how the publishing industry has managed subscriptions historically, we have taken a different approach to the
Sports Illustrated print business (&ldquo;SI print business&rdquo;). We have intentionally reduced the Rate Base from nearly [***]
subscribers in October of 2019 when we began operations of Sports Illustrated, to [***] in 2021 and [***] in 2022 by
eliminating low profit subscribers (i.e., where the agency commission is a significant portion of the sale price of the subscription).
This approach generated lower renewal rates, particularly with agency-generated subscribers, which in turn lowered the commissions paid
to such third-party agencies, as well as resulted in declining subscriber numbers. As such, management does not consider renewal rates
and subscriber numbers as key performance indicators as management believes those metrics would be misleading in properly evaluating
the performance of the SI print business and understanding its trends. We believe the true metrics of the SI print business are a function
of the print advertising and print subscription revenue and related print production expenses and subscription acquisition costs. In
our future periodic reports, we intend to enhance our MD&amp;A disclosure to clarify how management uses these components in evaluating
the performance of our SI print business by including the following disclosure:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
print revenue [increased/decreased] by X, or P%, to Y in [current period] from Z in [prior period]. In evaluating the performance of
our print business, management focuses not only on the change in print revenue, but also on the difference between the print revenue
and the related print production expenses and subscription acquisition costs. The difference between these revenue and expense categories,
if positive, help offset expenses shared across both digital and print businesses such as content and editorial expenses and royalty
fees as well as general corporate overhead. For the fiscal year ended 2022 as compared to the prior period, we saw [an increase/decrease]
in the difference between the [revenue] and [expense categories] which was largely driven by [<I>factors to be discussed</I>].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I><U>Use
of Non-GAAP Financial Measures, page 35</U></I></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>2.</I></B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>In
                                            order to help us further evaluate your response to prior comment 2, please explain how you
                                            are &ldquo;able to reasonably estimate the cost of a normal year&rsquo;s compliance with
                                            Exchange Act reporting requirements related to periodic reports&rdquo;. Describe how you
                                            were able to objectively make these estimates and indicate whether the adjustments for periodic
                                            filing expenses were in excess of the cost of a normal year&rsquo;s compliance.</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
acknowledge the Staff&rsquo;s comment and advise the staff that disclosure related to the estimate/accrual of cost for a normal year&rsquo;s
compliance with our Exchange Act reporting requirements was intended to clarify that the adjustment for the &ldquo;Catch-up periodic
reports&rdquo; to our Adjusted EBITDA did not include any costs we incurred and accrued for our normal reporting requirements for fiscal
year 2021. The &ldquo;Catch-up period reports&rdquo; adjustment made to our Adjusted EBITDA, as reflected on page 45 of our Form 10-Q
for nine-month period ended September 30, 2022 filed with the Commission on November 9, 2022, was based on actual invoices received for
fiscal years 2018, 2019 and 2020 and fees actually incurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
further clarify this point, in future filings we will revise the footnote to our Non-GAAP presentation related to professional and vendor
fees to reflect the explanation included in this response.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I><U>Item
15. Exhibits, Financial Statement Schedules, page 43</U></I></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>3.</I></B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
                                            continue to evaluate your response to prior comment 4 and may have additional comments.</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
acknowledge the Staff&rsquo;s comment.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I><U>Consolidated
Financial Statements</U></I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I><U>Note
2. Summary of Significant Accounting Policies</U></I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I><U>Subscription
Acquisition Costs, page F-20</U></I></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>4.</I></B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Your
                                            response to prior comment 5 indicates that you believe that the commissions paid on renewal
                                            are not commensurate with the initial commissions because the renewal commission is less
                                            than the amount paid for the initial contract. Please revise your disclosure to indicate
                                            how the initial commission is attributed to the amount of amortization expensed as each magazine
                                            is delivered. We refer you ASC 340-40-35-1.</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Conclusion</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
acknowledge the Staff&rsquo;s comment and respectfully advise the Staff that in accordance with the guidance in Accounting Standards
Codification (&ldquo;ASC&rdquo;) 340-40-35-1 and the Transition Resource Group (&ldquo;TRG&rdquo;) meeting agenda papers, we have
determined that: (1) each subscriber renewal contract is not a specifically anticipated future contract and therefore, the
amortization period should not consider any anticipated renewals; (2) although commissions paid on renewals are not commensurate
with the initial commissions paid, they could be deemed commensurate since the overall impact to the financial statements is immaterial;
and (3) given the subscriber&rsquo;s right to cancel the contract at any time for a full refund of the unserved copies, the contract
term is on an issue-by-issue basis, and as such the amortization period of the initial and renewal commissions paid to the
subcontracted third-party should also be on an issue-by-issue basis over the initial term or renewal term, as appropriate (i.e.,
on a systematic basis consistent with the transfer to the customer of the goods to which the asset relates, in accordance with the accounting
guidance in ASC 340-40-35-1).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
summary, we believe that our specific facts and circumstances justify the amortization of the commissions paid as described above
and that such amortization period is consistent with guidance in ASC 340-40-35-1. In arriving at this conclusion, we conducted the
following analysis and relied on the accounting guidance highlighted below. In addition to the relevant accounting
guidance, we have referred to the TRG meeting agenda papers No. 23 and No. 57 that summarize the potential implementation issues or questions
reported to the staff regarding incremental costs of obtaining a contract (No. 23) and capitalization and amortization of incremental
costs of obtaining a contract (No. 57).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Relevant
Accounting Guidance Regarding Anticipated Contract and Commensurate Commission</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
340-40-35-1 provides guidance on the systematic amortization of an asset recognized (i.e., the commission paid to our third-party agents)
in accordance with paragraph 340-40-25-5(a) for a contract or to an anticipated contract that the entity can specifically identify.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, TRG paper No. 23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> states (refer to <I>Issue
1b: What is the amortization period?</I> in paragraphs 13 and 18) under View A, that an entity can amortize the commission paid for a
new customer contract over the original contract term and amortize each capitalized renewal amount over the respective renewal period
if the contract is not a specifically anticipated future contract. TRG paper No. 23 also notes (refer to paragraph 16) that View
A would be appropriate if the renewal commission were to be considered commensurate with the initial commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Analysis
of Anticipated Contract</I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I> and Commensurate
Commission</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
regard to ASC 340-40-25-5(a) and View A, on the interpretation if the contract is not a specifically anticipated future
contract, we have determined that View A would be appropriate for us because our renewal rate is approximately [***] and therefore,
we concluded that the contract is not a specifically anticipated future contract and is not required in the evaluation of our amortization
period. In addition, the renewal efforts are led by the subcontracted third-party and not under our control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further
to our analysis above, TRG paper No. 57 (refer to <I>Question 2a: How should an entity determine whether a sales commission relates to
goods or services to be transferred under a specific anticipated contract? </I>in paragraph 35) states that: &ldquo;Example 2 in paragraphs
340-40-55-5 through 55-9 illustrates a circumstance in which an entity pays a commission associated with an information technology outsourcing
arrangement. The initial contract term is five years and the contract is renewable for subsequent one-year periods. The entity&rsquo;s
average customer term is 7 years. In this example, the entity amortizes the asset over seven years because it concludes that the asset
relates to the services transferred to the customer during the contract term of five years and the entity anticipates that the contract
will be renewed for two subsequent one-year periods.&rdquo; In this regard, we determined that based on our specific fact and circumstances,
we do not have a contract with a renewal period but have a contract this is renewed through the subcontracted third-party agent as a
new contract with new terms, therefore, we do not have a specific anticipated contract as described in ASC 340-40-55-5 through 55-9.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
regard to View A, where renewal commissions would be considered commensurate with the initial commissions, we note the difference between
the initial and renewal commissions vary by [***]. While technically not commensurate, we believe that this difference is not
material such that we would be required to recognize the amortization of the commissions paid over a period that includes the renewals
(i.e., a period longer than the initial contract term). The difference between the initial and renewal commission rates, although not
commensurate, is immaterial to our overall financial statement presentation. Further, our average commission rate on all subscriptions
for the first nine months of fiscal 2022 was [***] as compared to [***] in the same period for the prior year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we note TRG paper No. 23 states that &ldquo;in some circumstances, if the renewal commission is less than the initial
commission, it might still be commensurate with the initial commission. This will depend on the specific facts and circumstances and,
therefore, judgement might be required.&rdquo; In this regard, based on our specific facts and circumstances as outlined here, we have
concluded that adopting View A is appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Relevant
Accounting Guidance Regarding Amortization Period</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
reference to our amortization period, we reviewed the accounting guidance in ASC 340-40-35-1 where it states an asset &ldquo;shall
be amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates.&rdquo;
In addition, TRG paper No. 23 (refer to paragraph 14), states that &ldquo;The overriding principle for amortization of contract cost
assets in the new revenue standard is set out in paragraph 340-40-35-1:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
asset recognized in accordance with paragraph 340-40-25-1 or 340-40-25-5 shall be amortized on a systematic basis that is consistent
with the transfer to the customer of the goods or services to which the asset relates.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Analysis
of the Amortization Period</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
evaluating the amortization period, in addition to the accounting guidance above, we also considered our performance obligation
under the subscriber contracts. In this regard, we determined that each performance obligation is a separate performance obligation,
that is, on an issue-by-issue basis with the delivery of each magazine issue, since the goods delivered are distinct (i.e., each magazine
issue is a distinct good under ASC 606-10-25-19 since the customer can benefit from the magazine on its own and the promise to transfer
the magazines are separately identifiable). We believe that our amortization period is consistent with the transfer of the magazines
and represents a systematic basis consistent with how the goods are delivered in accordance with ASC 340-40-35-1 and TRG paper No.
23.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also note that by consistently applying the methodology of amortizing commissions paid on and issue-by-issue basis, and amortizing commissions
over a period that is consistent with the transfer to the customer of the magazines to which the asset relates, the resulting amortization
expense directly aligns with our pattern of revenue recognition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
would like to highlight for the staff that we did not enter into any unprofitable contracts (i.e., contracts where the agency
commission exceeds retail contract value) for the fiscal years ended 2020, 2021 and for the nine months ended September
30, 2022. If in the future we enter into such contract, we will recognize a loss to the extent the subscription price is
less than the agency commission paid, in accordance with ASC 340-40-35-3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
light of this analysis, in future filings we plan to further revise the disclosures we included in our most recently filed Form 10-Q,
Note 3 &ndash; Balance sheet Components, under the heading <I>Subscription Acquisition Costs</I>, as follows (additions <U>underlined
</U>and deletions <STRIKE>strikethrough</STRIKE>):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
acquisition costs include the incremental costs of obtaining a contract with a customer, paid to external parties, if it expects to recover
those costs. The Company has determined that sales commissions paid on all third-party agent sales of subscriptions are direct and incremental
<U>costs of obtaining a contract with a customer</U> and, therefore, meet the capitalization criteria. The Company has elected to apply
the practical expedient to <U>amortize</U> <STRIKE>account for</STRIKE> these costs at the portfolio level. The sales commissions paid
to third-party agents are amortized as the magazines are sent to the subscriber on an issue-by-issue basis. <U>The Company determined
that commissions paid for subscriber renewal contracts to all third-party agents are not from a specifically anticipated future contract,
therefore, the commissions paid on renewals are amortized as the magazines are sent to the subscriber over the renewal term on an issue-by-issue
basis. Direct mail costs for renewal subscriptions are expensed as incurred since they do not meet the capitalization criteria.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Amortization
o</U>f subscription acquisition costs of <U>$XX and $XX for the year ended December 31, 2022 and 2021, respectively</U>, are included
within selling and marketing expenses in the consolidated statements of operations. <U>No impairment losses [An impairment loss of
$XX and $XX] have [has] been recognized for subscription acquisition costs for the year ended December 31, 2022 and 2021 [,respectively].</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, to help the Staff assess the impact of the difference between amortization of the commissions paid for the initial contract
over a period that includes the anticipated renewals versus amortization of the commissions paid over the respective contract terms
on an issue-by-issue basis, we have included in Attachment A to this letter, an illustrative example of the difference in the two
views.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>5.</I></B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Your
                                            response to prior comment 7 indicates that you have now concluded that the direct mail costs
                                            are not capitalizable because if the subscriber did not enter into the contract you would
                                            still incur the costs of the subcontracted third-party. Please quantify the amount of direct
                                            mail costs capitalized and amortized for each period presented. Explain how you considered
                                            the guidance in ASC 250-10-50.</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to the Staff&rsquo;s comment 5, in regard to the direct mail costs that are not capitalized, we determined that these costs
would need to be expensed as incurred because even if a subscriber did not enter into a contract, we would still incur the cost of the
subcontracted third-party. With respect to the Staff&rsquo;s comment to quantify the amount of the direct mail costs, we note that the
costs were approximately $425,000 for fiscal year 2021. We also respectfully advise the Staff, that in our prior annual and quarterly
reports that we did not capitalize the third-party direct mail costs since we determined they are not incremental cost to obtain a contract
since they would be incurred even if the contract had not been obtained, and as such we confirm to the Staff that there have been no
change to our accounting policy. In this regard, we do not believe the guidance in ASC 250-10-50 is appropriate since expensing these
costs as incurred was permitted under the guidance in ASC 340-40, therefore, no further analysis is required.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
refer the staff to our response to comment #4 for our proposed future disclosure to be drafted into our December 31, 2022 Form 10-K.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
direct your questions or comments to Doug Smith, the Chief Financial Officer of the Company, at 203-253-9677. Thank you for your assistance.</FONT></P>

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

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>THE ARENA GROUP HOLDINGS, INC.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1.5pt solid"><I>/s/ Julie Fenster</I></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Julie
Fenster</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>General
Counsel</TD></TR>
</TABLE>

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

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<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"><B>ATTACHMENT
A</B></FONT></P>

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