Item in magazine: 'Wye, a river offering special time' (3,4)
I believe the answer is:
new year
'special time' is the definition.
'new year' can be an answer for 'time' (I have seen 'Time of Epiphany' mean 'new year' so perhaps 'time' could also mean 'new year'). I am not certain of the 'special' bit.
'item in magazine wye a river' is the wordplay.
'item in' indicates the answer is hidden within the clue.
'NEW YEAR' is hidden within 'magazine wye a river'.
'offering' acts as a link.
Can you help me to learn more?
(Other definitions for new year that I've seen before include "Time of Epiphany" , "Time for first-footing" , "Holiday to ring in" , "1 January" , "Time around thirty first of December" .)