Complex sentence: Not long later Lippincott purchased the Edison Speaking Phonograph Company, and then created the North American Phonograph Company to consolidate the national sales rights of both the Graphophone and the Edison Speaking Phonograph.
Split into simpler sentences: Not long later Lippincott purchased the Edison Speaking Phonograph Company. He then created the North American Phonograph Company to consolidate the national sales rights of both the Graphophone and the Edison Speaking Phonograph.