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The black square around the text isn't showing up
It's just transparent
Can you provide a screenshot of the Caption Panel? Are you sure you don't have it set to transparent? Did you create a new caption stream in PR? Or import something (e.g. srt)?
I tested in 18.104.22.168. PC Win10 2004.
I created a 608 Closed Caption stream. It had an opaque background. I was able to change it to transparent, semi-transparent, and also with colors.