What’s playing on the XM or iPod right now? BLUE SKIES by Tom Waits
In the new Macmillan contract is clause 6. (b) Copyright on Derivative Works. To state bluntly, this clause gives the Publisher the right to create “derivative works” based on the work they are buying from the author. And to add insult to injury, the publisher owns the copyright to any of these “new works.”
Yes, it is as bad as what you are thinking it means.
First, this is actually in direct contradiction to US copyright law and can’t be legally enforce but hey, what do I know.
Second, no way an author can sign a contract without amending or deleting this clause although I know some poor soul is going it alone and will end up doing just that.
For goodness sake, at the very least, get in touch with the Authors Guild before doing anything so detrimental to your intellectual property rights.