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August 06, 2014

Metropolitan Opera Forecasts Big Jump in Budget Deficit

A newly released Metropolitan Opera financial disclosure predicts the organization's deficit for the fiscal year that ended July 31 will be "significantly larger" than the previous year's shortfall of $2.8-million, The Wall Street Journal reports.

The disclosure, made in conjunction with a $100-million bond offering the Met made in 2012, comes as the opera conducts contentious talks with unions representing its singers, musicians, and other employees whose contracts wound up last week. Management is seeking deep cuts in labor spending as the opera faces rising costs and declining donations and ticket sales.

The Met has reached deals with three of the 15 unions whose deals expired Thursday and is in federal mediation with other employees' groups. The opera agreed Saturday to postpone a threatened lockout while an independent financial analyst examines its books, writes The New York Times.