Portable ccextractor can process MPEG files, a fast closed captions extractor for MPEG and H264 files. Supports DVD, HDTV transport streams, Replay TV. Use this to create .srt (subtitles) files for your TV captures, have transcripts so you can edit subtitles, etc.

In short ccextractor is a small program that processes MPEG 2 files and extracts closed captions data to generate subtitle files.
You can use this program to create .srt (subtitles) files for your TV captures, have transcripts so you can edit subtitles, etc.
You can pass as many input files as you need. They will be processed in order. Output will be one single file (either raw or srt). Use this if you made your recording in several cuts (to skip commercials for example) but you want one subtitle file with contiguous timing.

The license of this software is Free, you can free download and free use this video utility software.