Once American films looked slick and commercial compared to European imports; ...
(A) now, almost the reverse is true
(B) now it is almost the reverse that is true
Another similar question to what I've just asked. Clearly, A is correct. As far as I can see the other choice looks grammatically fine, but does it sound weird? Ambiguous? I don't know.
A comma is also missing, but I guess that might be a typo.