Derivative works I understand. That would include transforming the content for some/all viewers. Making it mobile-friendly or otherwise reformatting for display, for instance, or adding affordances for accessibility, or for long content adding a generated summary.
Irrevocable and right-to-sublicense are the red flags for me. Nothing a company sells to us is irrevocable, but everything they take from us is expected to be.
Perpetual is way harder to justify though.