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Cleaner XL will do it while encoding. You make the watermark a .png file with transparency. It's a better idea than adding it in FCP or Premiere or Vegas because that way you can encode the final video both with and without the watermark if you are batching multiple formats or bitrates. And also you aren't shrinking the rendered text to different sizes when you encode if you do it in the final step rather than when you first edit it.
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