Exhibit 99.1

The Arena Group Reports Full Year 2022 Revenue of $221 Million

Driven by a Nearly 74% Year Over Year Increase in Digital Advertising Revenue

Results Showcase a $28 Million Improvement in Operating Income for Full Year 2022

NEW YORK – March 16, 2023 – The Arena Group Holdings, Inc. (NYSE American: AREN) (the “Company” or “The Arena Group”), a tech-powered media company home to more than 265 brands, including Sports Illustrated, TheStreet, Parade Media (“Parade”), and Men’s Journal operating on a single technology platform, today announced financial results for the three months and twelve months ended December 31, 2022. The Company reported significant improvements in both top- and bottom-line results in 2022, driving record revenues of more than $221 million, while reducing operating expenses by nearly $20 million over that time. In the fourth quarter of 2022, the Company reported revenue from continuing operations of $61.7 million while reducing operating expenses by more than 30%. These results were driven by significant gains in digital advertising and licensing and syndication, and new lines of revenue in online betting and ecommerce, while managing headwinds and declines in the legacy print and subscription lines. Overall, the Company reported its highest full-year revenue and profits in its history.

*The results for the fourth quarter of 2022 and full year 2022 have been adjusted in this press release to remove the discontinued operations of the Parade print business (“Parade Print”) that was acquired on April 1, 2022 and was discontinued on November 13, 2022.

Fourth Quarter 2022 Financial and Operational Highlights

Full Year 2022 Financial Highlights

**Adjusted EBITDA is a non-GAAP measure. For additional information regarding non-GAAP financial measures, see “Use of Non-GAAP Financial Measures” and “Net Loss to Adjusted EBITDA Reconciliation” below.

Management Commentary

Chairman and Chief Executive Officer of The Arena Group, Ross Levinsohn, said, “2022 was a transformative year for our Company as we grew our digital business lines substantially, expanded our portfolio, recorded revenue growth and sharpened our operations to drive significant improvements to our financial results. We have grown revenue from $53.3 million in 2019 to $220.9 million in 2022, while expanding margins and significantly narrowing our losses and reporting our first full year of positive Adjusted EBITDA in our Company’s history.”

“In 2023, we are focused on continuing to streamline our operations to drive operating cash flow and profits for our Company and shareholders,” added Mr. Levinsohn. “We have successfully re-platformed our Men’s Journal, Men’s Fitness, Surfer, Powder and Bike acquisitions, and following the addition of 113 new sites in 2022, we continue to further expand our footprint, reach and inventory. In the fourth quarter of 2022, we generated positive cash from operations and delivered $5.4 million in positive Adjusted EBITDA. We expect $30 to $35 million in Adjusted EBITDA for 2023, demonstrating the growing earnings power of our business as we more effectively leverage our scale. Simultaneously, we expect to continue to expand our use of technology, including artificial intelligence solutions, to drive incremental productivity efficiencies.”

The Company generated impactful growth across each vertical in the fourth quarter. Highlights include:

Financial Results for the Three Months Ended December 31, 2022 Compared to the Three Months Ended December 31, 2021

Revenue

Revenue from continuing operations was $61.7 million for the fourth quarter of 2022, representing an increase of 1% compared to $61.2 million in the fourth quarter of 2021.

Digital Revenue

Revenue from digital operations grew 36% year-over-year to $45.2 million in the fourth quarter 2022, highlighted by a 47% increase in digital advertising. Consumer engagement, measured by page view growth, recorded a 22% gain to more than 1.5 billion during the quarter, and a 13% increase in revenue per page view year-over-year.

Licensing and syndication revenue increased by $3.2 million, or 121% from the prior year period as we now distribute content to more than 600 external outlets.

Print Revenue

The improvement in digital revenue offset an $11.4 million decrease in total print revenue, from $27.9 million in the fourth quarter of 2021 to $16.5 million in the fourth quarter of 2022, which was primarily related to a planned decrease in print revenue from the Sports Illustrated magazine, as we reduced the rate-base from 1.7 million to 1.2 million. The Company continues to focus on driving margin and profits from its subscription relationships, as the segment remains profitable from subscriptions and print advertising.

Gross Profit

Gross profit for the fourth quarter of 2022 decreased slightly to $27.5 million from $33.9 million in the prior year period. Cost of revenue increased by 25% to $34.1 million in the fourth quarter of 2022 from $27.3 million in the prior year period, primarily driven by higher print production and distribution costs.

Operating Expenses

Total operating expenses decreased by $15.3 million to $35.6 million in the fourth quarter of 2022 from $50.8 million in the prior year period. This decrease was primarily driven by lower subscription acquisition costs related to the aforementioned 29% decrease in the Sports Illustrated rate base. In addition, the Company continues to optimize operations, integrate acquired properties and drive efficiency.

Net Loss from Continuing Operations

Net loss from continuing operations improved to $11.6 million in the fourth quarter of 2022 as compared to $19.1 million in the prior year period. The fourth quarter of 2022 included non-cash charges of $15.0 million as compared to $19.5 million of non-cash charges in the prior year period.

Adjusted EBITDA

Adjusted EBITDA was $5.4 million for the fourth quarter of 2022, an improvement from $4.3 million in the prior year period.

Financial Results for the 12 Months Ended December 31, 2022 Compared to the 12 Months Ended December 31, 2021

Revenue:

Total revenue from continuing operations for the full year 2022 was $220.9 million as compared to $189.1 million in the prior year, which represents an increase of 17%.

Digital Revenue

Our digital advertising revenue from continuing operations increased by $46.5 million or 74%, driven by a 47% increase in monthly average pageviews and a 13% increase in RPM for the full year 2022 as compared to the prior year with 80% of the total digital revenue increase attributable to organic growth.

For the full year 2022, licensing and syndication revenue increased by $9.7 million or 115% from the prior year as we added 500 new digital outlets during the year and expanded existing ones to leverage our content with increased monetization. Other digital revenue, primarily consisting of e-commerce and sponsorship revenue, increased by $1.1 million from the prior year largely attributable to the expansion of our e-commerce business.

Print Revenue

Print subscription revenue decreased by $18.2 million or 23% from the prior year, which was principally related to our planned rate base reduction for our Sports Illustrated media business of 29% from 1.7 million in fiscal 2021 to 1.2 million in fiscal 2022 to focus on more profitable subscriptions.

Gross Profit

Gross profit was $88.0 million, representing a 40% gross margin, for the full year 2022, as compared to $78.6 million, representing a 42% gross margin in the prior year. Operating expenses decreased by $19.0 million from $162.9 million in the prior year to $143.9 million for the full year 2022.

Net Loss from Continuing Operations

Net loss from continuing operations was $67.4 million for the full year 2022, an improvement of $22.6 million compared to $89.9 million in the prior year. The Company recorded $61.6 million of non-cash charges in 2022, representing 91% of the net loss in 2022. During fiscal 2021, the Company recorded $69.4 million of non-cash charges.

Adjusted EBITDA

Adjusted EBITDA was $3.1 million for the full year 2022 representing an improvement of more than $15 million, compared to a loss of $12.1 million for the prior year, primarily attributable to the $22.6 million improvement in net loss from continuing operations.

Balance Sheet and Liquidity as of December 31, 2022

Cash and cash equivalents were $13.9 million as of December 31, 2022, compared to $9.3 million as of December 31, 2021.

For the year ended December 31, 2022, net cash used in operating activities was $11.3 million, as compared to $14.7 million for the prior year, a $3.4 million improvement. The improvement was primarily a result of the increase in revenue and reduction in operating expenses as well as a general improvement in our working capital efficiency.

Fiscal 2023 Outlook

Management reiterated its full-year 2023 guidance of between $255 million and $270 million in total revenue and between $30 million and $35 million in Adjusted EBITDA.

“As we do each quarter and on an annual basis, we proactively manage our cost structure and focus on driving increased operational efficiency to position the Company to achieve its Adjusted EBITDA target,” commented Doug Smith, The Arena Group’s Chief Financial Officer.

Conference Call

Ross Levinsohn, The Arena Group’s Chief Executive Officer, Doug Smith, Chief Financial Officer, and Andrew Kraft, Chief Operating Officer, will host a conference call and live webcast to review the financial results and provide a corporate update on Thursday, March 16, 2023 at 4:30 p.m. ET. To access the call, please dial 888-506-0062 (toll free) or 973-528-0011 and if requested, reference conference ID 403807. The conference call will also be webcast live on the Investor Relations section of The Arena Group’s website at https://investors.thearenagroup.net/news-and-events/events.

Following the conclusion of the live call, a replay of the webcast will be available on the Investor Relations section of the Company’s website for at least 90 days. A telephonic replay of the conference call will also be available from 7 p.m. ET on March 16, 2023 until 11:59 p.m. ET on March 30, 2023 by dialing 877-481-4010 (United States) or 919-882-2331 (international) and using the passcode 47566.

About The Arena Group

The Arena Group creates robust digital destinations that delight consumers with powerful journalism and news about the things they love – their favorite sports teams, advice on investing, the inside scoop on personal finance, and the latest on lifestyle essentials. With powerful technology, editorial expertise, data management, and marketing savvy, the transformative company enables brands like Sports Illustrated, TheStreet, Parade, and Men’s Journal to deliver highly relevant content and experiences that consumers love. To learn more, visit www.thearenagroup.net.

Use of Non-GAAP Financial Measures

We report our financial results in accordance with generally accepted accounting principles in the United States of America (“GAAP”); however, management believes that certain non-GAAP financial measures provide users of our financial information with useful supplemental information that enables a better comparison of our performance across periods. This press release includes references to Adjusted EBITDA, which is a non-GAAP financial measure. We believe Adjusted EBITDA provides visibility to our underlying continuing operating performance by excluding the impact of certain items that are noncash in nature or not related to our core business operations. We calculate Adjusted EBITDA as net loss, adjusted for (i) interest expense (net), (ii) income taxes, (iii) depreciation and amortization, (iv) stock-based compensation, (v) change in derivative valuations, (vi) liquidated damages, (vii) gain upon debt extinguishment, (viii) loss on impairment of lease, (ix) loss on lease termination, (x) loss on impairment of assets, (xi) professional and vendor fees, and (xii) employee restructuring payments.

Our Adjusted EBITDA measure may not be comparable to a similarly titled measure used by other companies, has limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Additionally, we do not consider our Adjusted EBITDA as superior to, or a substitute for, the equivalent measures calculated and presented in accordance with GAAP. A reconciliation of Adjusted EBITDA to net loss has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.

We have not reconciled full year 2023 guidance for Adjusted EBITDA to the most directly comparable GAAP measure because certain items that impact Adjusted EBITDA are uncertain, out of our control, and/or cannot be reasonably predicted. Accordingly, a reconciliation of Adjusted EBITDA guidance to the corresponding GAAP measure is not available without unreasonable effort.

Forward Looking Statements

This press release includes statements that constitute forward-looking statements. Forward-looking statements may be identified by the use of words such as “forecast,” “guidance,” “plan,” “estimate,” “will,” “would,” “project,” “maintain,” “intend,” “expect,” “anticipate,” “prospect,” “strategy,” “future,” “likely,” “may,” “should,” “believe,” “continue,” “opportunity,” “potential,” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, and include, for example, statements related to full year 2023 guidance for Adjusted EBITDA, the Company’s anticipated future expenses and investments, business strategy and plans, expectations relating to its industry, market conditions and market trends and growth, market position and potential market opportunities, and objectives for future operations. These forward-looking statements are based on information available at the time the statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the duration and scope of the COVID-19 pandemic and impact on the demand for the Company products; the ability of the Company to expand its verticals; the Company’s ability to grow its subscribers; the Company’s ability to grow its advertising revenue; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the effects of steps that the Company could take to reduce operating costs; the inability of the Company to sustain profitable sales growth; circumstances or developments that may make the Company unable to implement or realize the anticipated benefits, or that may increase the costs, of its current and planned business initiatives; and those factors detailed by the Company in its public filings with the Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Should one or more of these risks, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

Investor Relations Contact

Rob Fink

FNK IR

Aren@fnkir.com

646.809.4048

Media Contacts:

Rachael Fink

Communications Manager, The Arena Group

Rachael.fink@thearenagroup.net

Andrew Rhodes

DKC

arena@dkcnews.com

THE ARENA GROUP HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited)

THE ARENA GROUP HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

THE ARENA GROUP HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

THE ARENA GROUP HOLDINGS, INC. AND SUBSIDIARIES

NET LOSS TO ADJUSTED EBITDA RECONCILIATION

(unaudited)

THE ARENA GROUP HOLDINGS, INC. AND SUBSIDIARIES

NET LOSS TO ADJUSTED EBITDA RECONCILIATION

(unaudited)

The table below summarizes the costs defined above that we incurred during fiscal 2022 and 2021:

The table below sets forth the loss from discontinued operations for the period from April 1, 2022 to December 31, 2022: