Complex sentence: After parting ways with Warner Bros. Records in 2002, the label licensed its trademark to WEA for use on its reissues to date, now controlled by Warner Music Group, through Rhino/Atlantic Records and created Tommy Boy Films LLC with Michael "Mic" Neumann.
Split into simpler sentences: After parting ways with Warner Bros. Records in 2002, the label licensed its trademark to Warner-Elektra-Atlantic (WEA) for use on its reissues to date, now controlled by Warner Music Group, through Rhino/Atlantic Records. It created Tommy Boy Films LLC with Michael "Mic" Neumann.