Kate Middleton and Prince William Welcome Royal Baby

It's a prince! On Monday, the world welcomed the newest addition to the royal family and the future heir to England's throne. Palace officials confirmed the arrival of His Royal Highness the Prince of Cambridge, born at St. Mary's Hospital at 4:24 p.m. BST, and weighing 8 lbs. 6 oz..

"We could not be happier," said Prince William in a statement released by the palace shortly after the birth of his son. He was at his wife's side during her delivery, unlike past royals. Both mother and child are doing fine, the palace confirmed.

"Her Royal Highness and her child are both doing well and will remain in hospital overnight," palace officials stated in a press release. The name of the future monarch will be released "in due course."

The newborn is officially called the Prince of Cambridge. He is the first royal to use that title in 100 years.

"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," according to the brief statement emailed to members of the press, many of whom have been camped outside of St. Mary's Hospital for days.

Prince Charles elaborated in a statement released through Clarence House. He said he is "enormously proud and happy to be a grandfather for the first time."

"Both my wife and I are overjoyed at the arrival of my first grandchild," he added. "It is an incredibly special moment for William and Catherine and we are so thrilled for them on the birth of their baby boy."

Even President Barack Obama weighed in on the birth. "Michelle and I are so pleased to congratulate The Duke and Duchess of Cambridge on the joyous occasion of the birth of their first child," he said in a statement released through the White House. "We wish them all the happiness and blessings parenthood brings. The child enters the world at a time of promise and opportunity for our two nations. Given the special relationship between us, the American people are pleased to join with the people of the United Kingdom as they celebrate the birth of the young prince."

The birth marks a new era for not only the first-time parents but also the extended royal family. As third in line to succeed to the throne after his grandfather Prince Charles and his father, Prince William, he's the first baby born under new succession laws.