Complex sentence: In entertainment, a right of first refusal on a concept or a screenplay would give the holder the right to make that movie first--only if the holder turns it down may the owner then shop it around to other parties.
Split into simpler sentences: In entertainment, a right of first refusal on a concept or a screenplay would give the holder the right to make that movie first. Only if the holder turns it down may the owner then shop it around to other parties.