Monday morning headlines

More bad housing numbers: December home sales in L.A. County plunged 66 percent from a year earlier and the median price dipped 7 percent to $510,000, according to figures provided to the Business Journal. Data from the more widely followed Dataquick will be out in the next few days, but these early numbers provide a sobering preview. The median price is now $40,000 lower than it was in December 2006. By the way, Treasury Secretary Henry Paulson will say in a speech today that the Bush administration was considering how to give the economy a boost, but didn't want to rush things because there are no easy fixes.

More part-timers: Here's another sign of a slumping economy: employers are cutting hours for more workers due to slower demand. The number of people working part-time in 2007 was up 9 percent from the previous year (after steady declines between 2003 and 2006). An increase in part-timers is a way of staving off layoffs, but the cuts obviously reduce earnings and in many cases benefits. (WSJ)

Union playing with fire?: The striking Writers Guild is willing to cut side deals with some producers but not others, and that has some folks crying foul. Entertainment lawyer Alan Brunswick said the guild risks violating federal labor law if it refuses to deal with companies on an equal basis. The one company that the WGA doesn't want to have anything to do with is Dick Clark Productions, which produces the Golden Globes - and which might not have much of a show next week because most of the nominated stars say they won't cross picket lines. The guild doesn't want to see the show televised on NBC, one of the major media companies that are battling with writers. From the NYT:

The next step for a company that believes it is not being treated fairly will probably be to file an unfair labor practices charge against the guild with the National Labor Relations Board, Mr. Brunswick said. Anthony R. Segall, general counsel for the West Coast guild, said the union was prepared to meet its bargaining obligation under the law. But, he said, “We have every right to take into account our strategic concerns and objectives” in determining how to deal with each company. Mr. Segall said the guild intended to focus on major players and “competitors of the biggest companies,” to get the big studios and television producers back to the bargaining table.

Directors are prepping: They've been having informal discussions with the Alliance of Motion Picture and Television Producers in order to establish ground rules for formal talks that could begin as early as this week. One topic is the possibility of a temporary deal for digital media, with the idea of engaging the issue later on when the size of the market becomes clearer. The writers have steadfastly refused such a deal - and for good reason. However fledgling the digital market be, it is a market. Of course, any deal cut by the Directors Guild would establish a template from which the writers and actors will be pressured to accept. (WSJ)

Microsoft lands Hollywood deal: NBC Universal, Disney, MGM and Showtime will contribute movies and TV shows to the software maker's Xbox Live and MSN online services. Microsoft already has a similar arrangement with Warner Bros. The addition will at least help compete with iTunes. Microsoft Chairman Bill Gates announced the deals during a keynote address at the Consumer Electronics Show in Las Vegas. (Bloomberg)

Speaking of CES: It's still a reeeally big shoo - 140,000 attendees and 1.85 million square feet of exhibition space - but some companies are scaling back on product introductions. It's just too easy to get lost in the crowd. The basic problem is that consumer electronics is no longer only about computers and DVDs, but most any kind of device that uses technology of some sort. From the NYT:

“Everything has morphed into it,” said Michael Gartenberg, an analyst at JupiterResearch, who is skipping the show after attending for four years. “You’ve got a 150-inch plasma screen and next to it some guy selling electronic toothbrushes.” Technology companies now frequently introduce their products elsewhere, in an effort to reach consumers more directly. The Apple iPhone, the Nintendo Wii and other recent must-haves were not unveiled at C.E.S. One of the industry’s biggest hits in 2007 was the Flip Video camcorder, an easy-to-use pocket-size device that sells for $120.

Arnold's magic act: So how does the governor expect to deal with a $14 billion budget deficit without raising taxes? We'll be getting some clues when he delivers his State of the State speech tomorrow and releases his budget on Thursday. Hint: Expect lots and lots of cuts in services and discretionary programs. (Daily News)

Steven Seagal settles dispute: As part of the out-of-court deal, the actor's former business partner, Julius R. Nasso, is expected to drop his $60-million lawsuit against Seagal. In exchange, Seagal agreed to pay Nasso $500,000. Nasso accused the film star of reneging on an arrangement to develop, produce and market movie projects with him. Three months later, the FBI arrested Nasso for conspiring to extort Seagal. The film producer, who started as a Brooklyn pharmacist, pleaded guilty to conspiring to extort Seagal and was served one year in jail. (LAT)

New job for Richard Nanula: He's joining private equity giant Colony Capital as a principal with a senior role in the firm (he'll report to CEO Thomas J. Barrack Jr.). Now here's a guy with a resume: most recently he was CFO with Amgen, but before that he was CFO at Disney and COO at Starwood Hotels. Nanula will be based in L.A. (Business Wire)