Time Inc. has offered to buy Science 86 magazine.

According to the American Assn. for the Advancement of Science and Time Inc. sources, Time offered about $5 million for the award-winning but money-losing magazine. In addition to Time, Life, Fortune and other publications, Time Inc. publishes Discover--also an award-winning but money-losing magazine in the troubled science magazine field. The company is also reportedly seeking to buy Scientific American magazine. In addition to Time, an unidentified publishing company and a group of Science 86 employees are also negotiating to buy the magazine. Science 86 has a circulation of 739,000.