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Verizon Cloud - Who owns the (my) content stored on the Verizon Cloud??

Cited is an excerpt from the Verizon Cloud Terms of Service. My understanding after reading this is that I am giving Verizon ownership of my intellectual property and photographic assets.  So I reevaluate whether Verizon Cloud Storage is is appropriate for someone who hope to retain ownership of his assets?

Citation from Verizon Cloud Terms of Service:

CONTENT. By using the Service, you grant a non-exclusive, fully-paid and royalty-free, sub-licensable, assignable, irrevocable worldwide license to provide all facilities and to enable those facilities to take all actions with respect to Content that may be necessary or reasonable to provide, or to facilitate the provision of, the Service, pursuant to any current and future patents, copyrights and trademarks owned or licensable by You, to the extent necessary for Us to exercise any license right granted herein, including, without limitation:

• storing and retrieving the Content;

• making the Content available to You;

• conforming to connecting networks' technical requirements;

• transferring your Content from one mobile device you own to another mobile device you own; and

• transcoding Content into a viewable or otherwise appropriately perceptible format.

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Re: Verizon Cloud - Who owns the (my) content stored on the Verizon Cloud??

Then don't use that cloud service?

I'm most definitely NOT a VZW employee. If a post answered your question, please mark it as the answer.