diff --git a/NEWS b/NEWS
index 03c6902..ae68ce0 100644
--- a/NEWS
+++ b/NEWS
@@ -1,5 +1,15 @@
 rust2rpm
 
+Version 24.2.0
+==============
+
+This version adds a new `--compat` CLI flag to rust2rpm. It automatically
+sets the package version suffix based on SemVer compatibility rules.
+rust2rpm knows which suffix compat packages need based on the version that
+is passed, so there is no need for the user to guess and pass it manually.
+The old `--suffix [SUFFIX]` CLI argument is now deprecated in favor of using
+`--compat`.
+
 Version 24.1.0
 ==============
 
diff --git a/rust2rpm/__init__.py b/rust2rpm/__init__.py
index 62539b2..2f561ca 100644
--- a/rust2rpm/__init__.py
+++ b/rust2rpm/__init__.py
@@ -10,7 +10,7 @@ from rust2rpm import licensing
 #   release of the last minor version.
 #
 # Only the major version is included in the header of generated spec files.
-__version__ = "24.1.0"
+__version__ = "24.2.0"
 
 TARGET_ARCHES = [
     "x86_64",