Complex sentence: The festival's leaders took some umbrage and in 2014 with the attention and momentum of the previous year's success they changed the event name to BAALS, taking the recently publicized stereotypes and rhetoric, poking fun at them and embracing them as something of the past.
Split into simpler sentences: The festival's leaders took some umbrage and in 2014 with the attention and momentum of the previous year's success they changed the event name to BAALS. Leaders described the reason for the name change is to take the recently publicized stereotypes and rhetoric and poke fun at them, embracing them as something of the past.