We introduce multimodal story summarization by leveraging TV episode recaps – short video sequences interweaving key story moments from previous episodes to bring viewers up to speed. We propose PlotSnap, a dataset featuring two crime thriller TV shows with rich recaps and long episodes of 40 minutes. Story summarization labels are unlocked by matching recap shots to corresponding sub-stories in the episode. We propose a hierarchical model TaleSumm that processes entire episodes by creating compact shot and dialog representations, and predicts importance scores for each video shot and dialog utterance by enabling interactions between local story groups. Unlike traditional summarization, our method extracts multiple plot points from long videos. We present a thorough evaluation on story summarization, including promising cross-series generalization. TaleSumm also shows good results on classic video summarization benchmarks.