MTV News producer and resident “Project Runway” expert Jim Cantiello took 23 seconds away from the “American Idol” beat to send us this urgent(!!!) email about “PR”’s future, subject line “DEVELOPING!!!!!!!!” (Oh, the things that pass as Cantiello emergencies.)

We all knew things were looking bad. But now it appears that Magical Elves, the clever little production company that gave the show its je ne sais quoi — and, you know, made “fierce” and “hot tranny mess” staples of the English language — is leaving “PR” after the next season (the last with Bravo) to work exclusively with NBC/Universal. Says Jim:

This all but confirms it. Lifetime TV is going to RUIN ProjRun. The one saving grace was that ME would still be producing it. But now? It’ll probably be the same team responsible for “Your Mama Don’t Dance.”:(

So is “Runway” truly over? Is Lifetime going to put the “feh” in fashion? Or is Magical Elves set to come up with a network fashion competition that will blow Gunn & Co. out of the water? Tell us what you think.