Yum! Brands has announced the sale of Pizza Hut for $2.7 billion, with LongRange Capital acquiring the brand outside of mainland China for $1.5 billion, while Yum China Holdings will take over the operations in mainland China for $1.2 billion. This decision follows a challenging period for Pizza Hut, marked by declining same-store sales in the U.S. and increased competition from regional chains and delivery apps.