Time magazine is about to have new owners -- including the billionaire Koch brothers. : Media company Meredith (MDP) announced Sunday that it has agreed to buy the 95-year-old magazine's publisher, Time Inc., for $2.8 billion. Acquiring the legendary magazine business gives Meredith control of dozens of other big titles such as People, Sports Illustrated, Fortune and Entertainment Weekly. Meredith already publishes several top magazines, including Parents, Shape and Better Homes & Gardens. The two media companies are worth roughly the same on the stock market.