Detecting text areas using bounding boxes for varying font sizes

I am trying to write a code that would draw bounding boxes around the text areas with varying font sizes.So far I have written a following code.

Image=imread('http://www.pakistantoday.tv/wp-content/uploads/2016/09/pti-chairman-imran-khan-media-ta.jpg');
grayImage=rgb2gray(Image);
edgedImage=edge(grayImage,'sobel','vertical');
seDilated=strel('rectangle',[1,20]);
dilatedImage=imdilate(edgedImage,seDilated);
seEroded=strel('rectangle',[5,5]);
erodedImage=imerode(dilatedImage,seEroded);
connectedComp=bwconncomp(erodedImage,4);
regions=regionprops(connectedComp,'BoundingBox');
imshow(grayImage);
hold on;
for i=1:length(regions)
    box=regions(i).BoundingBox;
        if(box(4)>10)   %controlling height of each bounding boxes   
            if(box(3)/box(4)>1)  % since width is normally larger
                rectangle('Position',box,'EdgeColor','b','LineWidth',3);
            end
        end
end

So far I am NOT getting good results.As you can see below I am getting two many bounding boxes in the single text region and even some regions are not entirely getting detected.

I want to use vertical projection information into my code as I am sure it would detect areas with varying font sizes pretty well as it will help determine the vertical height of the bounding boxes.Any other suggestion in code is welcome.

plot(sum(edgedImage,2))  % this plot displays text region areas inside the image

Some useful hints are available in the following paper but I am NOT able to implement that.

An improved edge profile based method