Switzerland-based music rights investment company MusicBird has completed an acquisition deal with the estate of multi-platinum-selling, Grammy-nominated producer Rick Parashar, described as “a central figure in the 1990s Seattle grunge scene”.<\/p>\n
MusicBird says that the deal comprises Parashar\u2019s producing income from albums by Nickelback<\/strong>, Alice<\/strong> in Chains<\/strong>, Blind<\/strong> Melon<\/strong> and 3<\/strong> Doors<\/strong> Down<\/strong>, expanding MusicBird\u2019s portfolio of music rights to more than 2,000 songs from several hundred artists.<\/p>\n Parashar, who died in 2014 co-founded London Bridge Studios\u00a0<\/b>with his brother Raj in 1985. The studio became a hub for grunge and alternative rock recording in Seattle, according to MusicBird.<\/p>\n Parashar\u2019s catalog has generated over 20 million<\/b> album sales and 4 billion<\/b> Spotify streams, featuring tracks like Nickelback<\/b>‘s How You Remind Me, <\/i>Blind Melon<\/b>‘s No Rain, <\/i>3 Doors Down<\/b>\u2019s Here Without You <\/i>and Alice in Chains<\/b>\u2019 Would?.<\/i><\/p>\n He also co-produced Pearl Jam<\/b>‘s debut album Ten<\/i> and worked on self-titled records from Temple of the Dog<\/b> and Blind Melon<\/b>. His credits also include albums for Bon Jovi<\/b> and Melissa Etheridge<\/b>. His later works include 3 Doors Down<\/b>‘s Away From the Sun<\/i> and Nickelback<\/b>‘s Silver Side Up<\/i>, which sold over 10 million <\/b>copies worldwide and earned him a Grammy nomination for How You Remind Me.<\/i><\/p>\n \u201cRick was instrumental in shaping the rock sound of Seattle and he continued to create hits as a producer right up until his passing. We are honored that his family has placed its trust in MusicBird as the custodian of his work.\u201d<\/p>\n Paul Brown, MusiCBird<\/span><\/p><\/blockquote>\n MusicBird CEO Paul Brown<\/b> said: \u201cWith proven, lasting success and including numerous iconic modern rock songs, Rick\u2019s catalogue fits perfectly with our strategy of building a dynamic, hit-driven collection of music rights.\u201d<\/p>\n \u201cRick was instrumental in shaping the rock sound of Seattle and he continued to create hits as a producer right up until his passing. We are honored that his family has placed its trust in MusicBird as the custodian of his work.\u201d<\/p>\n Raj Parashar<\/b>,\u00a0brother of Rick Parashar and Co-Founder of London Bridge Studios, said:\u00a0\u201cIt is heartwarming to see that so many of the songs Rick helped to create and record are still finding success and reaching new audiences today. We have been struck by the MusicBird team\u2019s genuine passion and care for his work and we trust that they will honor Rick\u2019s legacy moving forward.\u201d<\/p>\n Financial terms of the deal with MusicBird were not disclosed. Scott Harrington<\/b> of Harrington Music Law Group <\/b>represented the Parashar<\/b> Estate<\/b> in the transaction. Peter Kalish <\/b>served as broker.<\/p>\n “We have been struck by the MusicBird team\u2019s genuine passion and care for his work and we trust that they will honor Rick\u2019s legacy moving forward.\u201d<\/p>\n Raj Parashar<\/b>, London Bridge Studios<\/span><\/p>\n<\/blockquote>\n For MusicBird, the acquisition comes as it continues to grow its catalog after entering the music investment market in 2021. In September 2023, MusicBird bought<\/a> the catalog of Greek-Swedish songwriter and producer, Alexander<\/b> \u201cAlex P\u201d Papaconstantinou<\/b>. He penned and produced hits for pop acts like Paulina Rubio (Boys Will Be Boys<\/i>), Jennifer Lopez (Live it Up ft Pitbull<\/i>), and Nicki Minaj (Whip It<\/i>). He has also contributed entries to the Eurovision Song Contest, including\u00a0\u2018Fuego\u2019<\/i>\u00a0by Eleni Foureira.<\/p>\n Earlier that year, MusicBird acquired<\/a> the writers’ share, master recording and neighboring rights income on over 300<\/b> songs\u00a0across Scottish songwriter, recording artist and producer Midge Ure<\/b>\u2019s solo career and his work with acts such as Ultravox<\/b>, Visage<\/b> and more.<\/p>\n The deals in 2023 followed MusicBird\u2019s $100 million<\/b> loan financing deal<\/a> struck with Mitsubishi UFJ Financial Group<\/b> (MUFG).<\/p>\n MusicBird\u2019s latest transaction comes amid a wave of deals in the music rights market. About two weeks ago, digital distributor Too Lost made a \u201cseven-figure\u201d investment<\/a> in\u00a0AntiFragile Equity Partners<\/a>, a startup founded in 2024 that acquires and monetizes \u2018undervalued\u2019 music rights catalogs.<\/p>\n Last month, BMG acquired<\/a> the recorded music catalog of Country music superstar\u00a0Jason<\/b>\u00a0Aldean<\/b>. The acquisition is part of a broader deal that sees the company acquire interests in the recorded catalogs and publishing rights of a music collection from what it calls a \u201ccross-section\u201d of\u00a023<\/b>\u00a0artists<\/b>\u00a0and songwriters.<\/p>\n Also in September, New York-headquartered Reservoir Media acquired<\/a> Miles Davis\u2019 music publishing catalog. The New York Times<\/i>\u00a0reported<\/a> that the deal, which closed in August, included\u00a090%<\/b>\u00a0of Davis\u2019 music publishing rights and of the estate\u2019s income from his recordings.<\/p>\n","protected":false},"excerpt":{"rendered":" Deal comprises Parashar\u2019s producing income from albums by Nickelback, Alice in Chains, Blind Melon and 3 Doors Down<\/p>\n","protected":false},"author":38,"featured_media":243253,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[130607,134718],"class_list":["post-243252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-musicbird","tag-rick-parashar"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/posts\/243252","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/comments?post=243252"}],"version-history":[{"count":6,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/posts\/243252\/revisions"}],"predecessor-version":[{"id":243270,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/posts\/243252\/revisions\/243270"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/media\/243253"}],"wp:attachment":[{"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/media?parent=243252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/categories?post=243252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.musicbusinessworldwide.com\/wp-json\/wp\/v2\/tags?post=243252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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