Complex sentence: By December 1966, the litigation had been settled and the studio was finally acquired for $12 million by Taft, who in 1967 and 1968, would fold it into its corporate structure and became its distributor.
Split into simpler sentences: By December 1966, the litigation had been settled and the studio was finally acquired by Taft for $12 million. It would fold it into its corporate structure in 1967 and 1968, becoming its distributor.