diff --git a/NEWS b/NEWS
index 40a99ac54..e4eea8b13 100644
--- a/NEWS
+++ b/NEWS
@@ -1,3 +1,47 @@
+# PipeWire 1.2.3 (2024-08-22)
+
+This is a bugfix release that is API and ABI compatible with the
+previous 1.2.x and 1.0.x releases.
+
+## Highlights
+  - Implement freewheeling support in the FFADO driver. Also improve
+    buffersize and samplerate handling.
+  - Improve some locking on spa_loop. Remove a possible deadlock when
+    the queue was full.
+  - Allocate more space for the libcamera devices string to properly
+    deduplicate libcamera and v4l2 devices.
+  - Some more bugfixes and improvements.
+
+
+## PipeWire
+  - Improve activation state changes and xrun detection some more.
+    (#4182)
+  - Avoid a memory leak when a link in error is destroyed.
+
+## Modules
+  - Improve samplerate and buffersize handling in FFADO driver so that
+    it is possible to force a rate and buffer size.
+  - Implement freewheeling support in the ffado driver.
+  - Always set the server side clock.quantum-limit on nodes. This fixes
+    a buffer size problem in Midi-bridge. (#4005)
+
+## SPA
+  - Improve some locking on spa_loop. Remove a possible deadlock when
+    the queue was full. (#4114)
+  - Allocate more space for the libcamera devices string to properly
+    deduplicate libcamera and v4l2 devices.
+  - Fix a potential race when enumerating v4l2 udev devices. (#3960)
+
+## Bluetooth
+  - Improve compatibility with some devices (Soundcore Motion 300).
+
+## Tools
+  - pw-cli can now handle arbitrarily large input and params. (#4166)
+  - Avoid some compiler warnings in pw-top.
+
+Older versions:
+
+
 # PipeWire 1.2.2 (2024-07-31)
 
 This is a bugfix release that is API and ABI compatible with the
@@ -44,9 +88,6 @@ previous 1.2.x and 1.0.x releases.
   - Fix the jack_get_time() function, it was returning nano instead of micro
     seconds.
 
-Older versions:
-
-
 # PipeWire 1.2.1 (2024-07-12)
 
 This is a bugfix release that is API and ABI compatible with previous
diff --git a/meson.build b/meson.build
index 11701cb95..198fe4bf4 100644
--- a/meson.build
+++ b/meson.build
@@ -1,5 +1,5 @@
 project('pipewire', ['c' ],
-  version : '1.2.2',
+  version : '1.2.3',
   license : [ 'MIT', 'LGPL-2.1-or-later', 'GPL-2.0-only' ],
   meson_version : '>= 0.61.1',
   default_options : [ 'warning_level=3',