Break out the mini bottle of champagne you keep strapped under your desk for super special occasions. Jim Kelly has been promoted from managing editor of Time magazine to managing editor of Time Inc.

The secret spot filler is still in the works, but Kurt Andersen and executive editor of Time Priscilla Painton are front runners in Mediaweek's eyes. No mention of Tina Brown or Robert De Niro.

At today's 10 a.m. meeting, Time managing editor Jim Kelly dropped a big hint to staffers that they should be around for a "pour" later today, according to Time insiders.

There has been much speculation over the past two weeks about Kelly moving to a corporate position, and while still not fully clear, it appears to be a position similar to that of Martha Nelson, formerly managing editor of People, who is now editor of the People Group.

From Time Inc.'s press release on the matter of Jim's new position:

Having watched Jim navigate all manner of crises at Time over the years, including the never-ending Valerie Plame saga, I was convinced he was the person for this job. As I described it to him, the job would entail both proactive policymaking and pre-publication vetting of controversial stories, but crisis management as well. In addition, I asked him to become involved with me in the recruitment of big-time outside talent for our company.

Agreed. When the crises of too many gossips hanging around his flat into all hours of the night arose, he found some tiny hands to flick the lights and get us scooting. Crises averted indeed.

Time Changeover Set for Today: Kelly to Oversee Editorial Cluster; Successor to be Named [Stephanie D. Smith and Lisa Granatstein, Mediaweek]

Earlier: Is Jim Kelly Running Out of Time?