diff --git a/NEWS b/NEWS
index efdca6de9..2471833a6 100644
--- a/NEWS
+++ b/NEWS
@@ -1,3 +1,17 @@
+3.8.0
+=====
+* Address major memory leak when changing backgrounds [Ray; #696157]
+
+Contributors:
+  Ray Strode
+
+Translations:
+  Sandeep Sheshrao Shedmake [mr], Victor Ibragimov [tg], Gabor Kelemen [hu],
+  Ville-Pekka Vainio [fi], Rajesh Ranjan [hi], Dr.T.Vasudevan [ta],
+  ManojKumar Giri [or], Yuri Myasoedov [ru], Petr Kovar [cs],
+  Jiro Matsuzawa [ja], Krishnababu Krothapalli [te], Ani Peter [ml],
+  Inaki Larranaga Murgoitio [eu]
+
 3.7.92
 ======
 * Build and improve reference docs [Tomeu; #676856, #695641, #695935]
diff --git a/configure.ac b/configure.ac
index 78a470afe..85e445493 100644
--- a/configure.ac
+++ b/configure.ac
@@ -1,8 +1,8 @@
 AC_PREREQ(2.50)
 
 m4_define([mutter_major_version], [3])
-m4_define([mutter_minor_version], [7])
-m4_define([mutter_micro_version], [92])
+m4_define([mutter_minor_version], [8])
+m4_define([mutter_micro_version], [0])
 
 m4_define([mutter_version],
           [mutter_major_version.mutter_minor_version.mutter_micro_version])