| "It is clear that each institution has unique, undeniable core values, which could have been compromised," the statement said
"We gave the possibility of a merger our best efforts and learned a tremendous amount in the process," Sanford I
Lincoln Center officials did not immediately return a telephone call seeking comment Tuesday "
Paul Guenther, chairman of the New York Philharmonic, also cited the exhaustive talks that went into the possible merger
The decision to abandon the merger was approved unanimously at the meeting, Mehta said Y "While it was a wonderful dream to pursue the possibilities, I think we have all come out of this stronger and more enlightened, and I have no doubt that this is a win-win situation for both institutions
He added that because of the economy any rebuilding of Avery Fisher Hall will have to wait Philharmonic, Carnegie Call Off Deal
Oct 7, 7:55 PM EST
The New York Philharmonic and Carnegie Hall abandoned plans Tuesday to merge two of the nation's most storied cultural organizations
The Philharmonic resided at Carnegie Hall from its inception in 1891 until 1962, when it moved to the then-newly opened Lincoln Center
The Philharmonic and Carnegie Hall announced the merger plan last spring under which the nation's oldest orchestra would move from Lincoln Center for the Performing Arts to its former home at Carnegie Hall
By summer, word spread that Lincoln Center might pursue a breach-of-contract lawsuit involving the orchestra's Fisher Hall contract, which runs until 2011 N And the orchestra's lawyers began looking into the benefits and drawbacks of a move Weill, chairman of Carnegie Hall, said in a statement
"All involved have spent an extraordinary amount of time and effort on this potential project," he said, "and as a result have a deeper and richer understanding of each other's institutions
In a statement, the groups said each organization was better off on its own "
The Philharmonic's executive director, Zarin Mehta, said after a board meeting Tuesday the merger failed because Carnegie Hall could not accommodate the up to 130 concerts the orchestra plays each season
Within three years, minus the Philharmonic, the world's largest arts complex would have had a 2,738-seat hall to fill
The planned merger threw Lincoln Center's programming into turmoil
The reasons included Carnegie's superior acoustics and the cost of renovating the orchestra's home, Avery Fisher Hall â€â€? estimated at hundreds of millions of dollars â€â€? at a time when arts organizations nationwide face a fund-raising pinch |