diff --git a/NEWS b/NEWS
index 1e703c3a9..56fce9a7d 100644
--- a/NEWS
+++ b/NEWS
@@ -1,3 +1,24 @@
+# PipeWire 0.3.42 (2021-12-16)
+
+This is a bugfix release that is API and ABI compatible with previous
+0.3.x releases.
+
+This is a quick emergency release to fix some severe
+problems with the previous release.
+
+## Highlights
+  - Fixes a bug in pulse-server underrun handling that broke qemu
+    and orca.
+  - A fix was added to pulse-server to handle quantum changes
+    gracefully.
+  - Fix module-echo-cancel again.
+  - Fix a bug where the bluetooth headset capture was producing
+    noise.
+
+
+Older versions:
+
+
 # PipeWire 0.3.41 (2021-12-13)
 
 This is a bugfix release that is API and ABI compatible with previous
@@ -103,8 +124,6 @@ This is a bugfix release that is API and ABI compatible with previous
     name as the ALSA node. This can be used to link alsa devices together
     with a word clock.
 
-Older versions:
-
 # PipeWire 0.3.40 (2021-11-11)
 
 This is a bugfix release that is API and ABI compatible with previous
diff --git a/meson.build b/meson.build
index 72080ec5d..eac40e99b 100644
--- a/meson.build
+++ b/meson.build
@@ -1,5 +1,5 @@
 project('pipewire', ['c' ],
-  version : '0.3.41',
+  version : '0.3.42',
   license : [ 'MIT', 'LGPL-2.1-or-later', 'GPL-2.0-only' ],
   meson_version : '>= 0.54.0',
   default_options : [ 'warning_level=3',