How do I fix the "Invalid Font" issue?

This is what I get every time I open a project, every single time. It never happened until I updated Premiere Pro a couple of weeks ago. Also I was having trouble with Photoshop fonts after updating it. I renamed the CT Font Cache folder to OLD_CT Font Cache folder then restarted photoshop and the problem was solved. But I can find on such folder for Premiere Pro. What gives with this? Does anyone know how to fix this problem with Premiere Pro?
