This document describes a system to summarize and retrieve news stories from broadcast news videos. The system segments the full video into individual news stories using anchor person detection. It then summarizes each story transcript using a lexical chain text summarization technique. Based on the text summary, it also generates a video summary clip for each story. Important keywords are extracted from the stories and stored in a database along with the summaries. This allows users to search for and retrieve stories of interest from the news video archive through a keyword-based search and retrieval system.