Axios Closer

February 18, 2026
Wednesday β .
Today's newsletter is 820 words, a 3-minute read.
π The dashboard: The S&P 500 closed up 0.6%.
π₯ Today's stock spotlight: Figma shares were surging over 17% in extended trading after the design software maker's results helped shake off some fear of AI disruption.
- Yes but: The stock ended today down 35% for the year.
1 big thing: Franchise frenzy
The Seattle Seahawks are officially up for sale, while the publicly traded owner of the New York Knicks and Rangers is considering a spinoff to split its teams into separate listed companies.
- π€ Why it matters: Professional sports franchises have long functioned as trophy assets for billionaire owners, but skyrocketing valuations are presenting opportunities shareholders increasingly can't ignore.
Zoom in: The Seahawks, fresh off a Super Bowl victory, announced today it had commenced a formal sale process.
- The team is owned by the estate of late Microsoft co-founder Paul Allen. It was Allen's wish to sell it β eventually β when he died in 2018, with proceeds earmarked for philanthropy.
- But "eventually" may have been accelerated by a surge in valuation, Bloomberg noted last month.
Between the lines: Three years ago, Jody Allen, the estate's executor, said there was no timeline for a sale, and she suggested her brother's estate could take up to 20 years to unwind.
- But valuations have soared since then, thanks in part to massive new league media deals and a surge in dealmaking since the NFL allowed private equity firms to hold ownership stakes.
- The Seahawks sit in the middle of the pack in NFL team valuations, per Sportico. But at about $6.6 billion, the team's sale could become the largest NFL deal ever.
Madison Square Garden Sports, meanwhile, is also seeing an opportunity that may be too good to pass up.
- Its problem: Despite its own shares growing 65% over the past 12 months, its $7 billion valuation falls short of the combined value for its two prized assets βthe Knicks and Rangers.
- "The possible transaction would enable shareholders to more clearly evaluate each company's assets and growth prospects, while providing both companies with enhanced strategic and financial flexibility," the company said in a statement.
2. Chase building more brick-and-mortar

JPMorgan Chase plans to open 160 new U.S. branches in 2026, even as the industry overall steadily shrinks its physical footprint.
- Why it matters: While visiting a branch to get cash is increasingly unnecessary, brick-and-mortar branches still serve as a critical nexus between customers and their banks.
Between the lines: Chase's announcement today is part of a broader plan announced in 2024 to open 500 new branches and renovate 1,700 within three years.
- It's unclear how many of the 160 openings will translate into net growth. A Chase spokesperson told Axios the bank's total branch count is expected to "continue to increase over time."
State of play: Banks have been steadily closing branches for more than a decade as mobile banking has surged.
- The number of U.S. bank branches per adult has fallen by 28% since its peak in 2009, according to the Federal Reserve Bank of St. Louis.
- For Chase, 2026 would mark the fifth straight year of net branch openings, according to public filings.
4. π A boneless lawsuit
A federal judge in Illinois added a little sauce to his decision to dismiss a lawsuit over boneless chicken wings, Axios Chicago co-author Justin Kaufmann writes.
The latest: District Judge John J. Tharp, Jr. dismissed a suit brought by Aimen Halim against Buffalo Wild Wings.
- Halim sued BWW, saying he was misled by the term "boneless wings," thinking he was buying deboned wings rather than nuggets.
The intrigue: The judge wrote his opinion with lots of chicken-based puns.
What they're saying: "What's in a name? If we called a wing by any other name, would it smell as sweet?" Tharp wrote.
π₯ Here are a few more nuggets from his ruling:
- "Halim sued BWW over his confusion, but his complaint has no meat on its bones."
- "He says he's not the only one for whom BWW's boneless wings failed to 'meat' expectations."
- "Despite his best efforts, Halim did not 'drum' up enough factual allegations to state a claim."
What's next: The judge is giving Halim until March 20 to revise his complaint.
The bottom line: If you're gonna rule on chicken wings, you may as well make it spicy.
ποΈ On this day in 1930, organizers of the International Aircraft Exposition milked a cow midflight aboard a Ford Trimotor β a stunt designed to prove the stability of air travel and generate buzz for the fledgling aviation industry.
Today's newsletter was edited by Pete Gannon and copy edited by Sheryl Miller.
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