Everything except WiFi worked out of the box. To get the WiFi working:

sudo dnf install http://download1.rpmfusion.org/free/fedora/rpmfusion-free-release-25.noarch.rpm
sudo dnf install http://download1.rpmfusion.org/nonfree/fedora/rpmfusion-nonfree-release-25.noarch.rpm

# The rest
sudo dnf install kernel-devel broadcom-wl akmod-wl akmods
sudo akmods
sudo reboot

Taken from here.

In your BIOS make sure you disable Secure Boot. Not UEFI, not Legacy mode, specifically the switch that disables secure boot and nothing else. After these steps, WiFi works. To enter BIOS on Y50, tap F2 after Lenovo splash screen.

 

Edit 7.2.2017: WiFi performance is unfortunately ABYSMAL. Will update this post if I find any solutions. Connection is super slow and constantly dropping.

Luckily, USB tethering from Android works like a charm so it's not a deal breaker for now.

Edit 2: looks like blacklisting bcma driver makes things much much better:

sudo nano /etc/modprobe.d/blacklist.conf

#add this
blacklist bcma

sudo systemctl restart NetworkManager

 

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