Hi Nikhil,
From the below error, It shows that, the required depending package are not available with your configured repository.
however just check if you have the following packages in your repository or your vlc directory;-
I also have one doubt that it sems that you are trying to install the version of the vlc which requires the higher version of the libraries then installed in your system, So to make it sure, can you share the exact release of your OS by using the following command
#cat /etc/redhat-release
#uname -a
I also recommend you to share the all the files from /etc/yum.repos.d/.
Regards,
Rajveer Singh