Multimedia content may be supplemented with time-aligned closed captions for accessibility. Often these captions are created manually by professional editors — an expensive and timeconsuming process. In this paper, we present a novel approach to automatic creation of a well-formatted, readable transcript for a video from closed captions or ASR output. Our approach uses acoustic and lexical features extracted from the video and the raw transcription/caption files. We compare our approach with two standard baselines: a) silence segmented transcripts and b) text-only segmented transcripts. We show that our approach outperforms both these baselines based on subjective and objective metrics.