The flourishing of social media platforms requires techniques for understanding the content of media on a large scale. However, state-of-the art video event understanding approaches remain very limited in terms of their ability to deal with data sparsity, semantically unrepresentative event names, and lack of coherence between visual and textual concepts. Accordingly, in this paper, we propose a method of grounding visual concepts for large-scale Multimedia Event Detection (MED) and Multimedia Event Captioning (MEC) in zero-shot setting. More specifically, our framework composes the following: (1) deriving the novel semantic representations of events from their textual descriptions, rather than event names; (2) aggregating the ranks of grounded concepts for MED tasks. A statistical mean-shift outlier rejection model is proposed to remove the outlying concepts which are incorrectly grounded; and (3) defining MEC tasks and augmenting the MEC training set by the videos detected in MED in a zero-shot setting. To the best of our knowledge, this work is the first time to define and solve the MEC task, which is a further step towards understanding video events. We conduct extensive experiments and achieve state-of-the-art performance on the TRECVID MEDTest dataset, as well as our newly proposed TRECVID-MEC dataset.