Complex sentence: WYES and WLAE management agreed to instead use the money that was planned to fund construction of the new studio facility at the research park to purchase new master control equipment to replace those at the WLAE studios that were damaged by the storm.
Split into simpler sentences: WYES and WLAE management agreed to forgo plans to build the new studio facility at the research park. Instead, the money earmarked for that project was used to purchase new master control equipment to replace the equipment at the WLAE studios that had been damaged by the storm.