An article Friday incorrectly reported that Time Inc. had purchased Science Digest magazine and would close it, switching its subscribers to Discover, Time's science magazine. The Hearst Corp. closed Science Digest and then sold its name, subscription list and other assets to Time Inc.

Acquiring its second science magazine in less than a month, Time Inc. said yesterday it has purchased Science Digest and will terminate the magazine just as it is doing with Science 86, its earlier acquisition.

Time, which publishes Discover -- an award-winning but money-losing monthly -- bought Science Digest from Hearst Corp. for a price reported to be under $2 million.

The publishing giant recently purchased Science 86 from the American Association for the Advancement of Science for $6 million. Science 86 is in the process of being folded into Discover.

Time says that Science Digest's 575,000 paid subscribers will have the choice of any Time publication -- including Discover -- to fulfill their subscriptions.

The Science Digest acquisition, which is "effective immediately," leaves only Discover and Penthouse publisher Bob Guccione's Omni magazines as competitors in the general science magazine category -- a category that has been hurt by declining ad sales over the past two years.

In a statement, Hearst Corp., the nation's largest privately held magazine publisher, said it had been trying to sell Science Digest for several months and that, with the worsening advertising climate, "the decision to suspend publication became inevitable."

Though Time concedes that the acquisition should bolster its money-losing Discover, it "doesn't believe" there are any antitrust concerns.

Time yesterday also said it has sold its remaining interest in Temple-Inland Inc. -- a timber and paper company -- for about $108 million.