Kate Middleton and Prince William welcomed a baby boy

Kate Middleton and Prince William welcomed a baby boy today. The birth of the new heir was announced by Kensington Palace after Kate had been in the hospital for more than 14 hours.

"Her Royal Highness The Duchess of Cambridge was safely delivered of a son at 4.24 p.m.," the palace said in a statement. "The baby weighs 8 lbs. 6 oz. The Duke of Cambridge was present for the birth."

"The queen, The Duke of Edinburgh, The Prince of Wales, The Duchess of Cornwall, Prince Harry and members of both families have been informed and are delighted with the news," the statement said. "Her Royal Highness and her child are both doing well and will remain in hospital overnight."

Cheers erupted at St. Mary's Hospital, where the baby was born, and Buckingham Palace when the announcement was released.

Throngs of people gathered outside of the palace to wait for the formal, signed birth announcement that was driven from the hospital to the palace. Following tradition, the document was taken into the palace to be shown to the queen before it was placed on an easel in the palace court.

The newborn is third in line to the British throne after its grandfather, Prince Charles, and father, Prince William. The reigning monarch, Queen Elizabeth II, has been on the throne 61 years. The baby is the queen's third great-grandchild.