Foundation gives $11M in grants to NYC arts groups

NEW YORK (AP) - A foundation run by hedge fund manager George Soros is giving $11 million in grants to 79 performing arts organizations in New York City.

The Open Society Foundations said Wednesday that the money will help boost the arts groups and arts initiatives hardest hit by the recession and government funding cuts.

The foundation cited a recent report by the Alliance for the Arts. It found more than 60 percent of the city's arts organizations have had to make significant budget cuts. That's resulted in reductions to public programming and jobs in the industry.

The two-year grants range from $65,000 to $250,000.