Will Ferrell and wife Viveca Paulin welcomed their third son, Axel Ferrell, on Saturday morning, Jan. 23, in Los Angeles, his rep tells PEOPLE.

"All the Ferrells are well," his rep adds.

Ferrell met his son just hours after performing 'Free Bird' on the final 'Tonight Show with Conan O'Brien.' The couple, who wed in 2000, already have two sons together -- 5-year-old Magnus and 3-year-old Mattias.