I'm looking for a word that describes what a corporation is doing when it takes a long standing tradition of a business and then changes it so that it becomes cheap and no longer represents what it once stood for. Sort of like the concept of selling out.
The corporation perverted the long standing practises of the business they took over.
(of a thing) having been corrupted or distorted from its original course, meaning, or state.
this sudden surge of perverted patriotism
The word Corrupted can be applied to changes in a religion, language or culture over time:
to alter (a language, text, etc.) for the worse; debase.
Example usage from the Introduction to Theoretical Linguistics. Cambridge University Press. p. 42. ISBN 978-0-521-09510-5.
"The traditional grammarian tended to assume [...] that it was his task, as a grammarian, to 'preserve' this form of language from 'corruption'."