Here's a copy and paste from the email I received.
If you haven’t heard, Yahoo plans to sell its operating business, including Flickr, to Verizon Communications Inc. We anticipate the completion of the transaction to occur in June 2017. Upon the completion of this proposed transaction, Yahoo products and services, including Flickr, will be provided by a new Verizon-owned company called Yahoo Holdings, Inc.
In connection with this proposed transaction, Yahoo is updating its Terms of Service. You can review the changes by visiting our Terms of Service
These updated terms will automatically be effective on June 8, 2017, unless you cancel your Yahoo account before then.
That’s it! We look forward to continuing to deliver your favorite products and services.