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We loves us some YouTube as much as anybody, as demonstrated by any number of ganked clips run hereabouts. Occasionally, and shockingly, we even run hard-hitting original video, such as the men "dancing" at the Virgin Megastore clad only in socks over their manparts. Apparently that poignant masterpiece is now the property of YouTube, according to a change in their Terms & Conditions.

UPDATE: Untwist your panties (or socks), says YouTube. More after the jump.

Wired points out the scary new mumbo-jumbo: submitting the User Submissions to YouTube, you hereby grant YouTube a worldwide, non-exclusive, royalty-free, sublicenseable and transferable license to use, reproduce, distribute, prepare derivative works of, display, and perform the User Submissions in connection with the YouTube Website and YouTube's (and its successor's) business... in any media formats and through any media channels.

Theoretically, this means YouTube (or whoever ends up buying YouTube) could sell DVDs of the Sock Johnson Boys, or use their likeness to sell another product. Like socks, maybe. Suddenly, YouTube has become the largest single owner of video rights for grainy footage of babies, cats, and "Lazy Sunday" parodies.

UPDATE: Turns out the excerpt above clipped out preceding and succeeding sentences noting that YouTube users still own their work, in the sense that taking a video off YouTube terminates YouTube's license to copy a video around, broadcast it, etc. Guess the Sock Johnson Boys are safe, for now.

YouTube's new policy says "we own your content." [Boing Boing]
YouTube's 'New' Terms Still Fleece Musicians [Wired]