AREN posts Q3 revenue $63.4M (+11% YoY), net loss narrows 32%; signs deal to combine with Bridge Media Networks

Arena Group Holdings, Inc.

Q3 2023 revenue $63.4M vs $57.3M YoY; digital revenue up 21% to $45.8M; net loss narrowed to $11.2M from $16.5M.
Adjusted EBITDA improved 86% to $6.4M; operating expenses down 4% to $35.0M; gross margin expanded to 44%.
Signed definitive agreement to combine with Bridge Media Networks; 5-Hour to invest $25M common, Hans Foundation $25M preferred.
Simplify to purchase up to $20M additional common equity; combined company gets $60M guaranteed ad commitment over 5 years.
Arena Group to reduce debt by $26M from proceeds; transaction expected close Q4 2023 or Q1 2024 subject to approvals.

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