According to the PMBOK Guide, the project manager should plan, manage, and monitor the communication activities throughout the project life cycle. The project manager should also consider the stakeholder needs, preferences, and expectations when choosing the communication methods, tools, and technologies. The project manager should also update the communications management plan as needed to reflect any changes in the communication requirements or approach. Therefore, the project manager should update the communications management plan based on the product owner's preferences and distribute it to the team. This will ensure that the communication is effective, timely, and consistent among the project stakeholders. References: PMBOK Guide, 6th edition, pages 361-362, 368-369.