An important aspect of video indexing is the ability to segment video into meaningful segments, i.e., content-based video segmentation. Since the audio signal in the sound track is synchronized with image sequences in the video program, a speech signal in the sound track can be used to segment video into meaningful segments. In this paper, we propose a new approach to content-based video segmentation. This approach uses closed caption to construct a recognition network for speech recognition. Accurate time information for video segmentation is then obtained from the speech recognition process. For the video segmentation experiment for TV news programs, we made 56 video summaries successfully from 57 TV news stories. It demonstrates that the proposed scheme is very promising for content-based video segmentation.