Complex sentence: Prestige Records was a record label founded in 1949 by Bob Weinstock (born October 2,1928-died January 14,2006), initially as New Jazz, but changing to Prestige Records the next year.
Split into simpler sentences: Prestige Records was a record label founded in 1949 by Bob Weinstock (October 2,1928--January 14,2006). The label's name was initially New Jazz, but changing to Prestige Records the next year.