The Arena Group Holdings, Inc. (AREN) SC 13D/A theMaven / B. Riley Financial ownership change

Exhibit 5

JOINT FILING AGREEMENT

Pursuant to and in accordance with the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (the “Exchange Act”) the undersigned hereby agree to the joint filing on behalf of each of them of any filing required by such party under Section 13 of the Exchange Act or any rule or regulation thereunder (including any amendment, restatement, supplement, and/or exhibit thereto) with respect to securities of TheMaven, Inc., a Delaware corporation, and further agree to the filing, furnishing, and/or incorporation by reference of this Joint Filing Agreement as an exhibit thereto. Each of the Reporting Persons is responsible for the timely filing of such filings and any amendments thereto, and for the completeness and accuracy of the information concerning such person contained therein; but none of them is responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate. This Agreement shall remain in full force and effect until revoked by any party hereto in a signed writing provided to each other party hereto, and then only with respect to such revoking party. This Agreement may be executed in any number of counterparts all of which taken together shall constitute one and the same instrument.

Dated: January 7, 2021

B. RILEY FINANCIAL, INC.
By:	/s/ Bryant R. Riley
Name:	Bryant R. Riley
Title:	Co-Chief Executive Officer
BRC PARTNERS OPPORTUNITY FUND, LP
By:	/s/ Bryant R. Riley
Name:	Bryant R. Riley
Title:	Chief Investment Officer
BRC PARTNERS MANAGEMENT GP, LLC
By: B. Riley Capital Management, LLC, its sole member
By:	/s/ Bryant R. Riley
Name:	Bryant R. Riley
Title:	Chief Executive Officer
B. RILEY CAPITAL MANAGEMENT, LLC
By:	/s/ Bryant R. Riley
Name:	Bryant R. Riley
Title:	Chief Executive Officer
B. RILEY Principal Investments, LLC
By:	/s/ Daniel Shribman
Name:	Daniel Shribman
Title:	President
BRF Finance Co., LLC
By:	/s/ Daniel Shribman
Name:	Daniel Shribman
Title:	Chief Investment Officer
/s/ Bryant R. Riley
Bryant R. Riley