Despite Drastic Financial Steps, Met Opera Turns to Layoffs and Cuts
The New York Times • • general
Key Points:
- The Metropolitan Opera is facing ongoing financial difficulties, leading to layoffs, salary cuts for top executives, and the postponement of a new production amid concerns about a $200 million deal with Saudi Arabia.
- The Saudi deal, which involves the Met performing at the Royal Diriyah Opera House near Riyadh, was initially seen as a financial lifeline but has become uncertain due to Saudi budget recalibrations.
- Met General Manager Peter Gelb expressed cautious optimism about the deal's future but acknowledged the need for immediate cost-cutting measures and further financial restructuring.
- The Met is exploring additional revenue sources, including selling the naming rights to its theater, following examples set by other New York cultural institutions.
- These developments highlight the broader
