Pizza Hut will have a new owner as the national chain was sold for $2.7 billion. The news of Yum Brands selling its entire Pizza Hut division, excluding Mainland China, came in a June 16 news release. Under the new contract, Yum Brands is selling Pizza Hut to LongRange Capital for $1.5 billion and selling Pizza Hut China to Yum China for $1.2 billion.