Complex sentence: After Belo rejected Viacom's offer, Viacom instead made a deal to sell WUPL to Belo; this would have created a duopoly with WWL and WUPL.
Split into simpler sentences: After Belo rejected Viacom's offer, Viacom instead made a deal to sell WUPL to Belo. This would have created a duopoly with WWL and WUPL.