Complex sentence: Entertainment UK (EUK) was founded, originally as Record Merchandisers Limited in 1966 by EMI Records, to distribute music to non-specialist retailers, and subsequently became a joint venture between a number of record companies.
Split into simpler sentences: Entertainment UK (EUK) was founded as Record Merchandisers Limited in 1966 by EMI Records to distribute music to non-specialist retailers. It later became a joint venture between a number of record companies.