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As far as I can tell it's now a network of content sites (Tumblr, Flickr, Yahoo Finance, Yahoo Weather, a long site of Yahoo {{content_type}} sites, etc), monetized through targeted advertising.

Their demographics are typically older than average, and therefore easily monetizable through display ads. They seem to be doing quite well.

From watching a few of Marissa's interviews, it seems Yahoo is (or trying to become) a network providing services that people use daily, with a focus on mobile moving forward.

Weather, news, sports, stocks, email, social networking (Tumblr/Flickr). They are also appear to be trying to get into video and search.

Thanks guys for clarifying. So am I right to think that they don't have any "identity" that makes them "yahoo" anymore and they just collect rent from a bunch of properties they acquired? In my mind, google is google (identified primarily by search) microsoft is Microsoft( primarily identified by windows and office) yahoo is? ... Is it like if Facebook abandoned social media altogether and became a simple owner of "stuff"?

It's sort of like Computer Associates, but with less cachet.