MEMPHIS, Tenn. (AP) — The Memphis Symphony Orchestra and the University of Memphis have formed a partnership that organizers say will solve the music organization's financial hardships.
The Commercial Appeal reports (http://bit.ly/1Ybn9fl ) officials announced the collaboration Thursday. The orchestra will be rebranded as "The Memphis Symphony Orchestra in Residence at the University of Memphis."
The symphony will remain independent but will relocate its headquarters from South Mendenhall to the university's Newport Hall to save money.
In recent years, the symphony has faced severe financial crises, depleting its endowment and cutting pay to musicians to make up for years of revenue deficits.
MSO board chairwoman Gayle S. Rose says the partnership should convince donors that the orchestra has the stability needed to raise $15 million for an endowment fund that would guarantee its survival.
Information from: The Commercial Appeal, http://www.commercialappeal.com