TAX CREDIT: The state Senate approved a two-year extension of a $100 million film and TV tax credit, which could carry the annual subsidy through 2017. The subsidy was set to expire in 2015. The state began offering $100 million in annual tax credits in 2009 to try to stem the outflow of productions to other states such as New York. The legislation requires Gov. Jerry Brown’s approval.
JOB LOSS: Los Angeles County’s jobs recovery stalled in July as the unemployment rate remained unchanged from June. The county lost 44,000 payroll jobs as schools let out for the summer and overall hiring slowed. The jobless rate held at 11.2 percent after a three-month string of drops, according to the state Employment Development Department. Overall, the rate has fallen substantially from the 12.5 percent level of a year ago.
DISTRIBUTION PACT: DreamWorks Animation SKG Inc., the Glendale studio behind the “Shrek” and “Madagascar” animated movies, has reached a five-year distribution deal with 20th Century Fox. 20th Century Fox next year will assume certain marketing and distribution costs for DreamWorks releases. DreamWorks will pay 20th Century Fox to distribute its content to theaters, home video, international TV and digital distribution outlets. 20th Century Fox replaces Paramount Pictures as DreamWorks’ distributor.
EXCHANGE CHANGE: On Assignment Inc. will transfer the listing of its common stock from the Nasdaq Stock Market to the New York Stock Exchange this week. The company will retain ticker symbol “ASGN.” The Calabasas staffing company originally focused on health care and biotech firms but in recent years expanded into the information technology and engineering industries.
MOVING OUT: SolarMax Technology Inc. has announced that it will move its corporate headquarters from City of Industry to Riverside. The move will bring an immediate 100 jobs to Riverside, with the potential for 1,500 more over the next several years. The company, which sells and installs solar photovoltaic panels for commercial and residential customers, has been leasing space in Riverside but had grown. About 20 employees are expected to remain at an office in Industry.
JOB CUTS: Qualstar Corp. plans to reduce its work force by 13 percent to about 61 people. The Simi Valley maker of automated data storage products said the cuts were related to phasing out unprofitable and outmoded product lines. The company expects the job cuts to result in annual savings of about $480,000 and help it achieve profitability by the end of the current fiscal year. Qualstar reported a fiscal fourth quarter net loss on lower sales and higher costs related to a proxy battle.
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