We introduce DEEVISum (Distilled Early Exit Vision language model for Summarization), a lightweight, efficient, and scalable vision language model designed for segment wise video summarization. Leveraging multi modal prompts that combine textual and audio derived signals, DEEVISum incorporates Multi Stage Knowledge Distillation (MSKD) and Early Exit (EE) to strike a balance between performance and efficiency. MSKD offers a 1.33% absolute F1 improvement over baseline distillation (0.5%), while EE reduces inference time by approximately 21% with a 1.3 point drop in F1. Evaluated on the TVSum dataset, our best model PaLI Gemma2 3B + MSKD achieves an F1 score of 61.1, competing the performance of significantly larger models, all while maintaining a lower computational footprint. We publicly release our code and processed dataset to support further research.