It's not totally that simple. When they acquired Tumblr, the valuation was dominated by goodwill --- 750MM of it --- which was explained in part by the value to Yahoo of exposing Tumblr's users to Yahoo's monetization systems, and of integrating Yahoo technology directly into Tumblr. If that plan goes out the window, they may need to formally account for that, which can hurt their numbers.
IMO Yahoo is dinosaur that cannot see easier ways to monetize Tumblr. The site has so many potential, yet Yahoo decides to go the usual - advertising and data sales.