UPDATE: Don’t look for Time Magazine’s Mark Halperin to appear on another news show right away now that he’s been suspended by MSNBC. We’re told that the suspension does not let him out of his contract which precludes him from appearing on another news network during its duration. MSNBC President Phil Griffin called Halperin on his cell phone shortly after the end of Morning Joe this morning to inform him of the decision to suspend him. Griffin told Halperin what MSNBC intended to say in a statement. Halperin immediately agreed and said that he wanted to make a statement as well.

Time Magazine has just issued a statement upbrading its Editor at Large. The magazine says his “comments on air this morning were inappropriate and in no way reflective of Time’s views. We have issued a warning to him that such behavior is unacceptable. Mark has appropriately apologized on air, via Twitter and on The Page.” Halperin added that his remark “was not funny. I deeply regret it.”

PREVIOUS, 9:07 AM: MSNBC has suspended political analyst and contributor Mark Halperin indefinitely for a slur he made today on Morning Joe describing President Obama. During a discussion of the president’s Wednesday press conference, Halperin, also an editor at large for Time magazine and co-author of Game Change, was asked by host Joe Scarborough what he thought of the president’s performance during the press conference. “Are we on a seven-second delay today?” Halperin asked. “I want to characterize how I thought the president behaved.” After assurances that there was a delay, he said: “I thought he was kind of a dick yesterday.” Everyone on the show’s panel was stunned, and later in the show Halperin and the hosts apologized on camera. Said MSNBC soon after in a statement: “Mark Halperin’s comments this morning were completely inappropriate and unacceptable. We apologize to the President, The White House and all of our viewers. We strive for a high level of discourse and comments like these have no place on our air. Therefore, Mark will be suspended indefinitely from his role as an analyst.” Halperin also made a statement in response to the suspension: “I completely agree with everything in MSNBC’s statement about my remark. I believe that the step they are taking in response is totally appropriate. Again, I want to offer a heartfelt and profound apology to the President, to my MSNBC colleagues, and to the viewers. My remark was unacceptable, and I deeply regret it.” Here’s his on-air apology:

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