Complex sentence: Since WCW Inc. had acquired select assets, the company that was once World Championship Wrestling was reverted to Universal Wrestling Corporation once again; its only purpose now, however, was to deal with old contracts and lawsuits.
Split into simpler sentences: Since WCW Inc. had acquired select assets, the company that was once World Championship Wrestling was reverted to Universal Wrestling Corporation once again. Its only purpose now, however, was to deal with old contracts and lawsuits.