Facebook owns any content posted on their site?

I’m sitting at the downtown library catching up on emails and feeds while I wait for an appointment. Not a bad place to wait, since there’s a delish coffee shop here where for the price of a cup of coffee and a generous tip I can surf away an hour – an hour that would otherwise be spent driving home, then back downtown.

Really, I’m doing it for the environment.

So the hidden gem in this mornings feeds :
Facebook: All Your Stuff is Ours, Even if You Quit

It’s well worth your time to click through and read the whole thing, especially if you’re an artist, writer, photographer, or post other original content on Facebook. But the high – or low – point is

In short, all of the content you’ve ever uploaded on Facebook can be used, modified or even sublicensed by Facebook in every possible way – even if you quit the service.
The TOS says the following:

You hereby grant Facebook an irrevocable, perpetual, non-exclusive, transferable, fully paid, worldwide license (with the right to sublicense) to (a) use, copy, publish, stream, store, retain, publicly perform or display, transmit, scan, reformat, modify, edit, frame, translate, excerpt, adapt, create derivative works and distribute (through multiple tiers), any User Content you (i) Post on or in connection with the Facebook Service or the promotion thereof subject only to your privacy settings or (ii) enable a user to Post, including by offering a Share Link on your website and (b) to use your name, likeness and image for any purpose, including commercial or advertising, each of (a) and (b) on or in connection with the Facebook Service or the promotion thereof.

Ouch. Does anyone even read TOS anymore? (Guilty.)