Overview
- The company will eliminate 22 administrative roles and temporarily cut pay for about 35 top earners by 4%–15%, including GM Peter Gelb.
- Next season shrinks to 17 productions, with a new staging of Mussorgsky’s Khovanshchina postponed.
- Leadership is weighing a conditional sale of two Marc Chagall murals appraised at $55 million that would leave the works in place with donor credit.
- Additional revenue plans include leasing the 3,800-seat house to outside shows and exploring naming rights for the Lincoln Center theater.
- Gelb attributes the belt-tightening to delayed payments under a multi-year Saudi arrangement reported near $200 million, saying the measures aim to save about $15 million this fiscal year and $25 million next.