Yahoo is breaking themselves into three main groups; Consumer, Regions and Technology.
Yahoo Search, whatever is left of it, is part of Consumer. Consumer is then broken into three groups; Media, Connections and Commerce. Yahoo Search, whatever is left of it, is part of Connections.
Connection is being led by Shashi Seth, who is currently the Senior Vice President of Search & Marketplaces at Yahoo. Seth's role will expand well beyond and include more properties. Yahoo's new CEO explained:
Connections will be led by Shashi Seth, and include consumer businesses that connect and inform our users including Search, Communications and Social properties such as Mail, Messenger, Flickr, Answers, and more. The highest priority for Shashi and his team will be to think well beyond how users search, communicate and share online today. The Connections team is charged with fundamentally re-imagining how we design and deliver the next generation of these foundational Yahoo experiences.
FYI, Yahoo uses the term "connections" for your contacts within the Yahoo network. So search is falling under properties including Yahoo Mail, Messenger, Flickr, Answers and more.
Interesting times for Yahoo.
Forum discussion at WebmasterWorld.