Just to list a few of the valuable properties off-hand: Homepage, Mail, Search, Tumblr, Flickr, Finance, News, Sports, Fantasy sports (including daily fantasy). Some of the bigger ones are billion+ dollar properties. Others are hundreds of millions.
> It's not clear to me that it actually does anything worth paying for at this point.
Few users of Google and Facebook actually "pay" for those services, they're primarily all advertising funded companies.