Met Opera's Financial Struggles: Layoffs and Budget Cuts

The Metropolitan Opera has been trying to stay afloat in a sea of financial troubles. Over the past five years, it has taken some big steps to save money. It has used up some of its savings, made a deal with Saudi Arabia, and cut back on performances. But now, it's still in trouble. The Met recently said it would have to let some workers go, cut the pay of its top bosses, and delay a new show. Peter Gelb, the Met's boss, said he had to do this because he's worried about the deal with Saudi Arabia. The Saudis agreed to help pay the Met if it performs in their country for three weeks each winter. But now, Gelb is not so sure this deal will happen.Gelb said the Saudis might have to change their plans because of their own money problems. He said he's been told the deal is still on, but the Met has been waiting for a long time. The Met is also thinking about selling the naming rights to its theater. It has asked a company to help find businesses that might want to put their names on the building. The Met has a big budget, but it spends a lot of money on fancy sets and famous singers. It's not clear if the Saudi deal will save it. The Met is trying to change its finances, but it's not easy. It's a big organization with a lot of history. It's not clear if it can change fast enough to stay afloat.