Wednesday, May 10, 2006

May 10, 2006

Music's Merger Mania

"Taking a page from the current flurry of big deals from telecom to banking, arts groups are merging and forming alliances at an unprecedented pace. In recent months, at least a dozen groups around the country have teamed up... One factor behind the deals: The growing role of corporate executives on cultural organizations' boards. Groups have been recruiting veterans from the private sector to bring business acumen to their back offices. Another driver: a small cadre of consultants carving out a niche advising arts mergers. And increasingly, big foundations, with less money to spend, are giving money to groups only when a partnership is involved, to make sure their dollars are spent efficiently."