This week we look at M&A through the lens of private equity, a $3 trillion-plus industry behind many of today's corporate takeovers. Our guest is Paul Levy, who since 1988 has led JLL Partners, a New York leveraged buyout firm. Levy, who's had a ringside seat for private equity's explosive growth and evolution, talks about the highs and lows of his colorful career. Even as he slams the buyout world's obsession with short-term profits, he stoutly defends it against the accusation that it slashes jobs and strips value from companies. We also examine the three-way merger talks involving Nexstar, Meredith and Media General.