diff --git a/DESCRIPTION b/DESCRIPTION
index a0c0fe55..4f3bed9b 100644
--- a/DESCRIPTION
+++ b/DESCRIPTION
@@ -1,6 +1,6 @@
 Package: mlr3hyperband
 Title: Hyperband for 'mlr3'
-Version: 0.4.5.9000
+Version: 0.5.0
 Authors@R: c(
     person("Marc", "Becker", , "marcbecker@posteo.de", role = c("aut", "cre"),
            comment = c(ORCID = "0000-0002-8115-0400")),
@@ -48,7 +48,7 @@ Config/testthat/parallel: true
 Encoding: UTF-8
 NeedsCompilation: no
 Roxygen: list(markdown = TRUE)
-RoxygenNote: 7.2.3
+RoxygenNote: 7.3.1
 Collate:
     'aaa.R'
     'OptimizerSuccessiveHalving.R'
diff --git a/NEWS.md b/NEWS.md
index eb2e4498..49f61424 100644
--- a/NEWS.md
+++ b/NEWS.md
@@ -1,6 +1,6 @@
-# mlr3hyperband (development version)
+# mlr3hyperband 0.5.0
 
-* Compatibility with upcoming 'paradox' release.
+* compatibility: Work with new paradox version 1.0.0
 
 # mlr3hyperband 0.4.5