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”.
MusicBird says that the deal comprises Parashar’s producing income from albums by Nickelback, Alice in Chains, Blind Melon and 3 Doors Down, expanding MusicBird’s portfolio of music rights to more than 2,000 songs from several hundred artists.
Parashar, who died in 2014 co-founded London Bridge Studios with his brother Raj in 1985. The studio became a hub for grunge and alternative rock recording in Seattle, according to MusicBird.
Parashar’s catalog has generated over 20 million album sales and 4 billion Spotify streams, featuring tracks like Nickelback‘s How You Remind Me, Blind Melon‘s No Rain, 3 Doors Down’s Here Without You and Alice in Chains’ Would?.
He also co-produced Pearl Jam‘s debut album Ten and worked on self-titled records from Temple of the Dog and Blind Melon. His credits also include albums for Bon Jovi and Melissa Etheridge. His later works include 3 Doors Down‘s Away From the Sun and Nickelback‘s Silver Side Up, which sold over 10 million copies worldwide and earned him a Grammy nomination for How You Remind Me.
“Rick 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.”
Paul Brown, MusiCBird
MusicBird CEO Paul Brown said: “With proven, lasting success and including numerous iconic modern rock songs, Rick’s catalogue fits perfectly with our strategy of building a dynamic, hit-driven collection of music rights.”
“Rick 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.”
Raj Parashar, brother of Rick Parashar and Co-Founder of London Bridge Studios, said: “It 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’s genuine passion and care for his work and we trust that they will honor Rick’s legacy moving forward.”
Financial terms of the deal with MusicBird were not disclosed. Scott Harrington of Harrington Music Law Group represented the Parashar Estate in the transaction. Peter Kalish served as broker.
“We have been struck by the MusicBird team’s genuine passion and care for his work and we trust that they will honor Rick’s legacy moving forward.”
Raj Parashar, London Bridge Studios
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 the catalog of Greek-Swedish songwriter and producer, Alexander “Alex P” Papaconstantinou. He penned and produced hits for pop acts like Paulina Rubio (Boys Will Be Boys), Jennifer Lopez (Live it Up ft Pitbull), and Nicki Minaj (Whip It). He has also contributed entries to the Eurovision Song Contest, including ‘Fuego’ by Eleni Foureira.
Earlier that year, MusicBird acquired the writers’ share, master recording and neighboring rights income on over 300 songs across Scottish songwriter, recording artist and producer Midge Ure’s solo career and his work with acts such as Ultravox, Visage and more.
The deals in 2023 followed MusicBird’s $100 million loan financing deal struck with Mitsubishi UFJ Financial Group (MUFG).
MusicBird’s latest transaction comes amid a wave of deals in the music rights market. About two weeks ago, digital distributor Too Lost made a “seven-figure” investment in AntiFragile Equity Partners, a startup founded in 2024 that acquires and monetizes ‘undervalued’ music rights catalogs.
Last month, BMG acquired the recorded music catalog of Country music superstar Jason Aldean. 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 “cross-section” of 23 artists and songwriters.
Also in September, New York-headquartered Reservoir Media acquired Miles Davis’ music publishing catalog. The New York Times reported that the deal, which closed in August, included 90% of Davis’ music publishing rights and of the estate’s income from his recordings.
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