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Good Thursday morning! Situational awareness: The FCC "is planning to make sweeping changes to media-ownership rules next month, eliminating or scaling back longstanding limits on local ownership of TV stations and newspapers," Chairman Ajit Pai told Congress. Why it matters, from Wall Street Journal: "Since ... Trump tapped Mr. Pai, ... the pace of consolidation has accelerated."

If you're in downtown D.C. ... Please join me at 8 a.m. for an Axios breakfast (oatmeal and French toast with bipartisan red and blue berries) and "Party Wars" conversation with NBC's Kasie Hunt; Sen. Joe Manchin (D-W.Va.); Rep. Carlos Curbelo (R-Fla.), on millennials; Rep. Josh Gottheimer (D-N.J.), co-chair of the Problem Solvers Caucus; and Axios' Sara Fischer. RSVP and location.