Whoever says octogenarians don't know how to party has never been to former Time managing editor Jim Gaines book party. We have and, let us tell you, it's quite a "time."

Gaines and his well-preserved pals gathered at - where else? - Elaine's last night to celebrate Gaines' new tome, For Liberty and Glory. A riveting look at George Washington's friendship with the Marquis de Lafayette, Gaines told us he hopes his book will "remind Americans how much we owe the French." Trés intriguing.

Even more intriguing, the cast of characters who showed up to fete Gaines. And by "intriguing" we mean "Who are these people?"

To spice things up, we pretended to know the hunky Tad Smith, CEO of Reed Business Information, publisher of Variety. After introducing ourselves, Smith made us swear all his comments would be off the record. "What?!" we said. "You mean we can't tell the world you think [redacted]?" Shame …

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• Maggie Gyllenhaal and Peter Sarsgaard's new Brooklyn Brownstone will be filled with the pitter-patter of little Ramona. She'll be so cute in her bugaboo playing at Prospect Park and sitting with her parents at Connecticut Muffin. [People]

• Nicole Richie and breaks up with yet another guy she didnt' date long enough for us to remember. [Us]

• Jim Kelly throws another swiggin' party — this time he didn't invite the bloggers. Probably because they gathered to talk about war. [Lowdown]

• Maybe his latest injury is a sign that Jack Nicholson shouldn't be taking super models to bed. [Page Six]

• It's totally ok if women like Oprah and Cathie Black falling in the ranks of Fortune's most powerful. As long as it's to make room for all the new fabulous ladies who are reaching great heights, of course. [WWD]

Ready for the most boring news ever? We are really, really trying here folks, to scrounge up something as juicy as Richard Johnson knocking up his wife or Atoosa Rubenstein's staffers fleeing from the Hearst Tower.

But, all we have is this boring Newsweek "gossip." Mark Whitaker, Newsweek's editor since '98, is going the route of Jim Kelly and moving to the great upstairs office. Jon Meacham, the managing editor, will take over as head of the mag.

Insiders acknowledge that the rumor mill seems to have erupted with intensity in recent days, and many feel it is tied to the need to offset some of the changes afoot at its archrival, Time.

Yeah, we can really feel the explosive gossip bursting from the Time Warner center. Though, maybe this will on some level affect our lives. For instance, maybe the magazine will stop suggesting the best new program on television is Shark — TVs 3,000th attempt at making a law show last.

NEW DAY AT NEWSWEEK [Keith Kelly, New York Post]

Former Nick Denton employee, Wonkette editor Ana Marie Cox, has been named Washington Editor of Time.com. Richard Stengel, managing editor of Time, announced Cox will assume the position July 31, 2006 after contributing to the mag since March. (You remember — it was right after she was schmoozing it up at Jim Kelly's house.)

"Ana Marie is a sharp and witty observer of the Washington scene and has the ability to spot political angles in surprising places," says Stengel. "In her new role, she'll bring her great web instincts to covering the hot topics of the day."

Yes, Cox has uncovered angles in some very surprising places indeed — most notably, the limousines, bedrooms, and country houses of Washington's political players.

ANA MARIE COX NAMED WASHINGTON EDITOR, TIME.COM [Romensko Letters, Poynter]

We are a bit confused by Min's explanation of Jim Kelly's time at Time. The article is quite flattering, going on to say what a gem of a guy Kelly is (we agree), has an Ivy degree, and made great connections with his staff.

And then they run this timeline:

Yeah, yeah, we know — all newsstand sales were down everywhere, and these numbers are still pretty good, and all that. But, come one, you'd think they'd leave out the chart if the purpose of their article was Jim Kelly is our god.

At least it explains the reason for all those "pours" … maybe everyone was just too jolly and drunk to notice the plummeting circ numbers?

JIM KELLY HAD A "TIME" MANAGING EDITOR REIGN TO REMEMBER. [Min Online]

• Advertising is coming to the filthiest place in New York in an attempt to get more money, which we hear both child stars and Blender are in desperate need of.

• If we won't have any good TV to watch, what the hell are we supposed to do but get wasted and go on fake internet dates?

• Dina Lohan should've held off on that book, since Brandon Davis and Paris Hilton just gave her a ton of new material.

• Cameras have a new slimming feature, which is what we hear Brett Ratner is telling girls all over America in the hopes to get their clothes off.

• Us Weekly gets a new look, but it's really Radar's website that we're all dying to see.

• The votes are in for America's Biggest Fucktard and Britney Spears is the overwhelming winner.

• Jim Kelly is the new problem solver over at Time Inc. We really hope this doesn't mean no more parties.

Well, those newspapers sure predicted this one correctly. The new managing editor of Time magazine has been announced! Yay! The only managing editor in history to ever be paid attention to, Jim Kelly, made this position one that basks in a spotlight … but now that sliver of space in the sun belongs to someone else.

And that someone is Richard Stengel.

Who is Richard Stengel? Well, besides the guy who is replacing Jim Kelly as the 16th manager in Time history.

Stengel was a Rhodes scholar, a senior writer, essayist, and culture editor of Time, and has written for the New Yorker, the New Republic, and the New York Times. We guess that's pretty impressive. He is also the man who will be explaining the world to you on a glossy, weekly basis.

The full press release is after the jump … though it leaves out the part that explains whether or not there will be more blogger parties or how much champagne is being poured over at the Time building. We're going to guess anywhere between four and nine bottles.

CONTINUED »

Dear Blog Reader,

Print media painfully realizes they can't be fast enough to keep up with internet information. So while they know Time will be announcing a new managing editor today, they don't who yet. Well, neither do we, but the newspapers want you to know, they will be just as ready as we are when that news is announced.

The newspapers got a scoop. And have no fear — they're prepared.

From WWD this morning:

By the time you read this, Time magazine may already have a new top editor.

At today's 10 a.m. editorial meeting, Time Inc. editor in chief John Huey will introduce the newsweekly's staff to its new managing editor, the identity of whom was still a well-guarded secret as of Tuesday night. Jim Kelly, managing editor since 2000, enacting a decades-old ritual, will consummate the change of command by handing over to the incoming editor a pewter pencil cup that originally belonged to Henry Luce, Time's founding editor.

From the Observer this morning:

Dear Reader: If you’re really curious, leave this newspaper, go straight to our Web site, www.observer.com, right now, and behold the new managing editor of Time magazine! Time Inc.’s editor in chief, John Huey, as we went to press Tuesday, May 16, planned to name him or her Wednesday morning.

The current managing editor, Jim Kelly, is moving on to an executive position with Time Inc., in which, among other things, he will navigate the legal shoals of contemporary First Amendment law.

Isn't it just the best when you're already reading news on the internet instead of through print media and a website tells you to go their website. That's, like, more meta than blog on blog. That's like dotcom going down on itself.

Time Takes A Huey: Editor Kelly Rises,Successor Chosen [Tom Scocca, New York Observer]
Memo Pad: Time's Up [Jeff Bercovici, WWD]

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?

In New York magazine's media gossip edition (first Robert De Niro buying the Observer and now this?) Tina Brown is latest to go through the rumor mill of possible replacements for Jim Kelly over at Time magazine.

In addition to considering Newsweek’s Jon Meacham, Slate’s Jacob Weisberg, And Michael Kinsley, Huey’s been doing due diligence on Brown, floating the idea in conversations—though insiders insist he’s not serious about her.

Dawn Bridges, spokeswoman for Time Inc., downplayed the replacement talk as “speculation,” though she noted that part of Huey’s job was to talk to people like Brown (though Brown says she hasn’t talked to him).

So, even the insiders think Jon Huey isn't actually going to hire Brown, and Brown doesn't remember having a conversation with Huey. Wow, that's some really great gossip. Especially since Lloyd Grove adds in that New York EIC Adam Moss might be considered, but says "no way" he would ever go there.

So basically we're at the same place we were last week, except now we have more arbitrary guesses and the knowledge that Kelly gets his staffers drunk off Graydon Carter approved champagne.

Could It Really Be ‘Time’ for Tina [Geoffrey Gray, New York]
Time Might Be Right For Tina [Lloyd Grove, Daily News]

The Ellies came and went, easily trumped by news of Britney Spears' already known pregnancy — but even that couldn't stop David Zinczenko and his hot ass.

And unlike previous years, the 2006 winners were spread out among many a media outlet.

While each of these mags received two awards, no publications (not even The New Yorker or the Virginia Quarterly Review) won more than two little elephants.

Two awards each went to Time Inc.'s Time, Wenner Media's Rolling Stone, The Virginia Quarterly Review, Hearst Magazines' Esquire, Harper's Magazine, New York and, yes, The New Yorker from Conde Nast Publications.

Besides confirming that Jann Wenner has convinced everyone that Rolling Stone is good again, and Graydon Carter wore pants that weren't plaid, Jim Kelly made notable appearance number two at Jazz at Lincoln Center last night.

His two ASME awards included best single copy issue for Hurricane Katrina coverage and a general excellence award. And the award for most famous managing editor amongst a sea of EICs. Oh, and a confused Meg Ryan showed. Nat Ives' full list of winners, after the jump.

CONTINUED »

Jim Kelly knows how to party. You saw the beer in his bathtub at his fete for Andrew Sullivan, yah? Now repurpose those antics for Time magazine's 100 Most Influential People party at Jazz at Lincoln Center (at, ahem, the Time Warner Center) and throw in actual A-listers instead of Peter Kaplan and his Observers (though we'd much rather hang with those types) and you've got media personalities – usually so eager to fawn over themselves – crowding around Jennifer Lopez to watch her blink.

We were there for the free bubbly, but people watching being our favorite sport, it would've been rude for us not to show off.

• The affable Stephen Colbert revealed he had no idea C-Span demanded his White House Correspondents Dinner speech be pulled off YouTube. "I've got a two week break," he told us. "My assistant is collecting all the newspaper articles."

• Vanity Fair coverboy Anderson Cooper shaking hands with Regis Philbin, and, we imagine, making no mention of mama Gloria Vanderbilt's alien feet in the VF photospread.

• Bill O'Reilly brushing up on his expressions of deep thought while chatting with Mort Zuckerman. Shortly thereafter, O'Reilly professed to us he doesn't read "those Internet things" so no, he doesn't follow our meta coverage of him.

• A glam Jennifer Lopez and her surprisingly unfrightening husband Marc Anthony acting puzzlingly social. We showed up immediately after these two, trailed them on the red carpet and rode the elevator upstairs with 'em. Her giggle lets her off the hook for those conspicuous grey hairs.

• Harvey Weinstein running around looking for Will Smith. Not once did we see Harvey touch a silver tray of hor d'oeuvres.

• Will Smith shaking hands with anybody who approached, but not letting them walk away before introducing his brother. He told us he was most excited to meet Nancy Cox (he's all giddy about flu pandemics, given his filming of 2007's bio-thriller I Am Legend). He also mentioned the only time he gets pissed when people sing "na na na na na-na-na-na" from "Gettin' Jiggy Wit It" was at black tie events. We didn't spot Jada Pinkett Smith, so we assume she was off making wickedly bad music with Wicked Wisdom.

• Martha Stewart was very appreciative when we brought up Blueprint. Very appreciative. Did we mention the very part of her appreciation?

• Arianna Huffington, doing what Arianna Huffington does best: giggling with enthusiasm.

• Ann Coulter mulled about acting as liason between good and evil.

• The rest of the rest: Queen Rania, looking royal. George Lucas, looking important. Lauren Bush and David Lauren, looking like they're ready for Hamptons season to kick off.

We're sure there was more to be seen at the actual dinner (like Condoleeza Rice denying she's making a presidential run), but we had to split to watch David Blaine succeed in making an ass out of himself.

Today Lloyd Grove actually brings us something worth repeating. Speculation is on the rise that Jim Kelly, the managing editor at Time since 2001, will be leaving his post.

Kelly is Time's 16th managing editor, and while were sure plenty of staffers will find him irreplaceable, Grove spits out some possible candidates.

Time Inc. editor in chief John Huey, who took over from top exec Norman Pearlstine in January, will pick Kelly's successor. Possible candidates include deputy managing editor Steve Koepp, Fortune managing editor Eric Pooley, Time executive editor Priscilla Painton, former Time Washington bureau chief Michael Duffy, Time editor at large Michael Elliott and - admittedly a very long shot - New York Post media columnist Keith Kelly.

Two questions: 1) Should Grove really be ripping on the New York Post … we thought he wanted a job there? 2) Does this means Jim Kelly will be throwing another party? If so, we hope we can still be invited — we promise to bring our own plastic cups.

Time to turn the page to a new editor [Lloyd Grove, Daily News]

• Osama Bin Laden's niece shows us what life is like in the world of an aspiring singer. Next week, Charles Manson's cousin's step-daughter will take us into the never before seen life of a wannabe model. [Book Standard]

• Even if he is a nerd, he might be a nerd with a Pulitzer. Kids, get those travel with Nicholas Kristof applications in ASAP. [E&P]

• The Scripps Howard Foundation National Journalism Awards are here. And the New York Times is not. [AP via Romenesko]

• Andrew Essex's assistants reconfirm that in this industry, connections get you everywhere. [WWD]

• Which is why we went to Jim Kelly's party. (Even though all we managed to do was break glasses, scare Jon Friedman, and talk to mostly unimportant people who don't end up in the Boldface column.) [NYT]

The lure of Angelina Jolie can be a strong one, especially for guys like Arthur Sulzberger Jr. The New York Times publisher has finally come around to accepting an invite to the World Economic Forum in Davos, Switzerland.

Maybe Jim Kelly gave him the heads up on Angelina — though Pinch may have missed his chance at chatting up the vixen. (We doubt she's flying solo this year.)

Buddies Sulzberger and Kelly will be address the forum, speaking on “Today’s News — Too Much of a Good Thing?” The purpose of the media start studded panel is "to address the erosion of public trust in establishment news organizations."

So odd, because we really can't think of any reasons why the public doesn't believe in the news media. Are celebrities that much more relevant than the NYT?

Off The Record [Gabriel Sherman, NYO]

Don't you just love those swanky elitist media parties? Time managing editor Jim Kelly threw one at his Upper West pad Tuesday night, and the Pulitzers gossiped like only the media glitterati do.

While Katie Couric was busy debunking rumors that she is taking a spot at CBS ("This stuff is printed somewhere, and then it gets repeated. I don't know where it comes from"), Taylor Branch crushed on Bill Cliton.

But the really big news of the party? Author James Carville double dipping his chips into a mountain of salsa.

Hmm, Scores sounded like it was more fun.

Katie's not planning to book to CBS [Lloyd Gove, Lowdown]