Complex sentence: Phat Beach was released by Orion with a red carpet and premiered at the Galaxy Theater on Hollywood Blvd. in Hollywood, now on Hulu, became the greatest (and perhaps only) hip-hop beach movie of all time.
Split into simpler sentences: Phat Beach was released by Orion, with a red carpet and premier at the Galaxy Theater on Hollywood Boulevard in the City of Hollywood. "Phat Beach" is now on Hulu, and became the greatest (and perhaps only) hip-hop beach movie of all time.