9) The last word(s) was going to be extremely difficult. The CNN logo hides most of the text.
10) By determining the text font, we've opened several new clues. The most important being the very first character. - It's definitely a 'T"! No other letter in arial has the same left side pattern.
11) Also, looking closely, you can see an 's' and the last character of the word could be an 'n'
12) Now that we have t-s-n, what words might fit.
13) At first I thought 'transmission' but the arial text overlay didn't quite match.
14) After a few minutes, searching through a partial word dictionary, I decided to go with transition'
As far as I can tell, the phrase under the black 'X' reads:
"Transition begins after 5 frames of black"
15) and the arial font overlay seems to confirm this.
