In order to put words on the screen, you'll need a graphics generator.  They come in many forms.

You could use a computer and any program that produces the images you want, be they words or symbols.

Or you can buy a machine specifically designed for a TV studio set-up.  The simplest ones begin at about $600 and provide lots of fonts, basic colors and drop shadow options.  You'll also get background generation.

Your graphics generator will be one of your video sources plugged into your video switcher.  The director, by punching a button on the switcher, takes the video off the graphic generator any time and blends it into the final image.

A large production facility or broadcast network might have half a dozen separate graphics generators.  Next time you watch CNN, remember there's one machine devoted to that obnoxious crawl on the bottom of the screen, banner headlines come from a second generator and a third provides the reporter's name across the bottom of the screen.   (Called a lower-third super.)

That diagonal slash of colored lines comes from yet a fourth graphics generation source, which might very well be a video source deck.  Graphics can also come from a video tape superimposed on the finished image through the switcher.

Newer, fully computerized systems for small operations combine a graphics generator into the video switching system.  A separate graphics generator is not needed.  This method will get you better quality graphics as well as provide them with less hassle.   I love technological advances!

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