Your Apple TV will install tvOS 16.3. Next to HomePod 16.3 (and updates for iPhone and iPad) also comes tvOS 16.3.
Available update to watchOS 9.3 with new watch face
The update designed for Apple TV 4K and Apple TV HD arrives six weeks after tvOS 16.2, an update that integrated new features related to Siri, language support for new languages, new features for Apple Music (the ability to sing your favorite songs with lyrics real-time beat-by-beat and control the vocal volume of millions of songs with Apple TV 4K 3rd generation.
There are no news worthy of mention in this version. After all, tvOS updates typically fix minor bugs, and tvOS 16.3 is no exception.
You can set your Apple TV to automatically install updates as they become available. just go to Settings > System > Software Updates and turn on “Automatic Update”. Of course, you can manually update Apple TV by going to Settings > System > Software Updates and selecting “Update Software”. If an update is available, just select Download and install: after the download is complete, the Apple TV will restart, prepare the update and then install it. After the update is complete, your Apple TV will automatically restart.