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.
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