Complex sentence: The contest was sponsored from 1949--1999 partly by the magazine "Vecko-Revyn" and the title was handed out to the first runner-up in the Miss Sweden pageant, but lost the franchise in 2003.
Split into simpler sentences: The contest was sponsored from 1949--1999 partly by the magazine "Vecko-Revyn". The title was handed out to the 1st Runner-Up in the Miss Sweden pageant, but lost the franchise in 2003.