Complex sentence: After Gulf + Western sold its record label holdings to ABC in 1974, the Paramount label was discontinued in favor of ABC Records, which itself was sold to MCA in 1979, the Paramount catalogue is now owned by Universal Music Group.
Split into simpler sentences: After Gulf + Western sold its record label holdings to ABC in 1974, the Paramount label was discontinued in favor of ABC Records. ABC would sell its record label division to MCA in 1979, the Paramount catalogue is now owned by Universal Music Group.