diff --git a/NEWS b/NEWS
index a7423de78..ea6fab485 100644
--- a/NEWS
+++ b/NEWS
@@ -1,3 +1,56 @@
+# PipeWire 1.2.7 (2024-11-26)
+
+This is a bugfix release that is API and ABI compatible with the previous
+1.2.x and 1.0.x releases.
+
+## Highlights
+  - Backport support for lazy scheduling.
+  - Handle the case where processing would stop when an ALSA driver is
+    destroyed.
+  - Add support for v4l2loopback in the v4l2 plugin.
+  - Small bug fixes and improvements.
+
+## PipeWire
+  - Invalidate the proxy ID when removed.
+  - Backport support for lazy scheduling.
+  - Fix profiler stats for async nodes.
+  - Fix EARLY_PROCESS again in pw-stream. (#3480)
+
+## Modules
+  - Fix a crasher issue when nodes are created in the wrong order in
+    module-filter-chain.
+  - Fix unmap bug in lv2 uri tables.
+  - Add ratelimit to jack-tunnel xruns.
+  - Remove hardcoded limit in filter-chain sofa plugin.
+  - Handle the MTU size correctly in module-rtp and handle large MTUs.
+    (#4396)
+  - Fix JSON float parsing errors in equalizer module. (#4418)
+
+## SPA
+  - Fix crash in audiotestsrc when using spa-inspect (#4365).
+  - Improve JSON float infinity checks.
+  - Improve resampler performace a little.
+  - Make audioconvert only output when there is something to output.
+  - Fix regression in v4l2 port flags which would disable support for
+    EXPBUF.
+  - Handle the case where an ALSA driver is destroyed and the follower
+    becomes a driver. Processing would stop. (#4401)
+  - Add support for v4l2loopback in the v4l2 plugin.
+
+## Pulse-server
+  - Give a better error message when running out of fds.
+  - Ensure positive latency reporting.
+
+## GStreamer
+  - Fix memory leak in deviceprovider.
+  - Fix locking when emitting an error.
+
+## Tools
+  - Fix pw-dot link labels.
+
+Older versions:
+
+
 # PipeWire 1.2.6 (2024-10-23)
 
 This is a bugfix release that is API and ABI compatible with the previous
@@ -40,9 +93,6 @@ This is a bugfix release that is API and ABI compatible with the previous
 ## Docs
   - Backport docs from master.
 
-Older versions:
-
-
 # PipeWire 1.2.5 (2024-09-27)
 
 This is an important bugfix release that is API and ABI compatible with the
diff --git a/meson.build b/meson.build
index 691355ef2..be8ce5d16 100644
--- a/meson.build
+++ b/meson.build
@@ -1,5 +1,5 @@
 project('pipewire', ['c' ],
-  version : '1.2.6',
+  version : '1.2.7',
   license : [ 'MIT', 'LGPL-2.1-or-later', 'GPL-2.0-only' ],
   meson_version : '>= 0.61.1',
   default_options : [ 'warning_level=3',