Complex sentence: City Talk is a sister station to the Bauer Radio-owned Radio City and Magic 1548 (who replaced City Talk in its initial form "see below"), and they share their studios at the top of St. John's Beacon in Liverpool city centre.
Split into simpler sentences: City Talk is a sister station to the Bauer Radio-owned Radio City and Magic 1548. They share their studios at the top of St. John's Beacon in Liverpool city centre.