diff --git a/CHANGES.md b/CHANGES.md
index be5c18c84b..31d9914b39 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,50 @@
+# Synapse 1.120.0rc1 (2024-11-20)
+
+This release enables the enforcement of authenticated media by default, with exemptions for media that is already present in the
+homeserver's media store.
+
+Most homeservers operating in the public federation will not be impacted by this change, given that
+the large homeserver `matrix.org` enabled this in September 2024 and therefore most clients and servers
+will already have updated as a result.
+
+Some server administrators may still wish to disable this enforcement for the time being, in the interest of compatibility with older clients
+and older federated homeservers.
+See the [upgrade notes](https://element-hq.github.io/synapse/v1.120/upgrade.html#authenticated-media-is-now-enforced-by-default) for more information.
+
+### Features
+
+- Enforce authenticated media by default. Administrators can revert this by configuring `enable_authenticated_media` to `false`. In a future release of Synapse, this option will be removed and become always-on. ([\#17889](https://github.com/element-hq/synapse/issues/17889))
+- Add a one-off task to delete old One-Time Keys, to guard against us having old OTKs in the database that the client has long forgotten about. ([\#17934](https://github.com/element-hq/synapse/issues/17934))
+
+### Improved Documentation
+
+- Clarify the semantics of the `enable_authenticated_media` configuration option. ([\#17913](https://github.com/element-hq/synapse/issues/17913))
+- Add documentation about backing up Synapse. ([\#17931](https://github.com/element-hq/synapse/issues/17931))
+
+### Deprecations and Removals
+
+- Remove support for [MSC3886: Simple client rendezvous capability](https://github.com/matrix-org/matrix-spec-proposals/pull/3886), which has been superseded by [MSC4108](https://github.com/matrix-org/matrix-spec-proposals/pull/4108) and therefore closed. ([\#17638](https://github.com/element-hq/synapse/issues/17638))
+
+### Internal Changes
+
+- Addressed some typos in docs and returned error message for unknown MXC ID. ([\#17865](https://github.com/element-hq/synapse/issues/17865))
+- Unpin the upload release GHA action. ([\#17923](https://github.com/element-hq/synapse/issues/17923))
+- Bump macOS version used to build wheels during release, as current version used is end-of-life. ([\#17924](https://github.com/element-hq/synapse/issues/17924))
+- Move server event filtering logic to Rust. ([\#17928](https://github.com/element-hq/synapse/issues/17928))
+- Support new package name of PyPI package `python-multipart` 0.0.13 so that distro packagers do not need to work around name conflict with PyPI package `multipart`. ([\#17932](https://github.com/element-hq/synapse/issues/17932))
+- Speed up slow initial sliding syncs on large servers. ([\#17946](https://github.com/element-hq/synapse/issues/17946))
+
+### Updates to locked dependencies
+
+* Bump anyhow from 1.0.92 to 1.0.93. ([\#17920](https://github.com/element-hq/synapse/issues/17920))
+* Bump bleach from 6.1.0 to 6.2.0. ([\#17918](https://github.com/element-hq/synapse/issues/17918))
+* Bump immutabledict from 4.2.0 to 4.2.1. ([\#17941](https://github.com/element-hq/synapse/issues/17941))
+* Bump packaging from 24.1 to 24.2. ([\#17940](https://github.com/element-hq/synapse/issues/17940))
+* Bump phonenumbers from 8.13.49 to 8.13.50. ([\#17942](https://github.com/element-hq/synapse/issues/17942))
+* Bump pygithub from 2.4.0 to 2.5.0. ([\#17917](https://github.com/element-hq/synapse/issues/17917))
+* Bump ruff from 0.7.2 to 0.7.3. ([\#17919](https://github.com/element-hq/synapse/issues/17919))
+* Bump serde from 1.0.214 to 1.0.215. ([\#17938](https://github.com/element-hq/synapse/issues/17938))
+
 # Synapse 1.119.0 (2024-11-13)
 
 No significant changes since 1.119.0rc2.
diff --git a/changelog.d/17638.removal b/changelog.d/17638.removal
deleted file mode 100644
index 1bb09e976e..0000000000
--- a/changelog.d/17638.removal
+++ /dev/null
@@ -1 +0,0 @@
-Remove support for closed [MSC3886](https://github.com/matrix-org/matrix-spec-proposals/pull/3886).
\ No newline at end of file
diff --git a/changelog.d/17865.misc b/changelog.d/17865.misc
deleted file mode 100644
index 2303a7e1b7..0000000000
--- a/changelog.d/17865.misc
+++ /dev/null
@@ -1 +0,0 @@
-Addressed some typos in docs and returned error message for unknown MXC ID.
diff --git a/changelog.d/17889.feature b/changelog.d/17889.feature
deleted file mode 100644
index 221282553b..0000000000
--- a/changelog.d/17889.feature
+++ /dev/null
@@ -1 +0,0 @@
-Enforce authenticated media by default. Administrators can revert this by configuring `enable_authenticated_media` to `false`. In a future release of Synapse, this option will be removed and become always-on.
diff --git a/changelog.d/17913.doc b/changelog.d/17913.doc
deleted file mode 100644
index 39f5979562..0000000000
--- a/changelog.d/17913.doc
+++ /dev/null
@@ -1 +0,0 @@
-Clarify the semantics of the `enable_authenticated_media` configuration option.
diff --git a/changelog.d/17923.misc b/changelog.d/17923.misc
deleted file mode 100644
index 4d74e7e184..0000000000
--- a/changelog.d/17923.misc
+++ /dev/null
@@ -1 +0,0 @@
-Unpin the upload release GHA action.
diff --git a/changelog.d/17924.misc b/changelog.d/17924.misc
deleted file mode 100644
index c7cc502360..0000000000
--- a/changelog.d/17924.misc
+++ /dev/null
@@ -1 +0,0 @@
-Bump macos version used to build wheels during release, as current version used is end-of-life.
diff --git a/changelog.d/17928.misc b/changelog.d/17928.misc
deleted file mode 100644
index b5aef4457a..0000000000
--- a/changelog.d/17928.misc
+++ /dev/null
@@ -1 +0,0 @@
-Move server event filtering logic to rust.
diff --git a/changelog.d/17931.doc b/changelog.d/17931.doc
deleted file mode 100644
index 9207cb0a1c..0000000000
--- a/changelog.d/17931.doc
+++ /dev/null
@@ -1 +0,0 @@
-Add documentation about backing up Synapse.
diff --git a/changelog.d/17932.misc b/changelog.d/17932.misc
deleted file mode 100644
index 2401c4cf21..0000000000
--- a/changelog.d/17932.misc
+++ /dev/null
@@ -1 +0,0 @@
-Support new package name of PyPI package `python-multipart` 0.0.13 so that distro packagers do not need to work around name conflict with PyPI package `multipart`.
diff --git a/changelog.d/17934.feature b/changelog.d/17934.feature
deleted file mode 100644
index f0e138a30f..0000000000
--- a/changelog.d/17934.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add a one-off task to delete old one-time-keys, to guard against us having old OTKs in the database that the client has long forgotten about.
diff --git a/changelog.d/17946.misc b/changelog.d/17946.misc
deleted file mode 100644
index 3520a75f58..0000000000
--- a/changelog.d/17946.misc
+++ /dev/null
@@ -1 +0,0 @@
-Speed up slow initial sliding syncs on large servers.
diff --git a/debian/changelog b/debian/changelog
index bacd453cb4..d7cec3fa8a 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,9 @@
+matrix-synapse-py3 (1.120.0~rc1) stable; urgency=medium
+
+  * New Synapse release 1.120.0rc1.
+
+ -- Synapse Packaging team <packages@matrix.org>  Wed, 20 Nov 2024 15:02:21 +0000
+
 matrix-synapse-py3 (1.119.0) stable; urgency=medium
 
   * New Synapse release 1.119.0.
diff --git a/pyproject.toml b/pyproject.toml
index 4c51cf340d..36d3437185 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -97,7 +97,7 @@ module-name = "synapse.synapse_rust"
 
 [tool.poetry]
 name = "matrix-synapse"
-version = "1.119.0"
+version = "1.120.0rc1"
 description = "Homeserver for the Matrix decentralised comms protocol"
 authors = ["Matrix.org Team and Contributors <packages@matrix.org>"]
 license = "AGPL-3.0-or-later"