MAKE pal Jake has a good HOW TO – By default every movie encoded using Dr. DivX or the newer DivX Create Bundle displays a watermark during the first few seconds of playback. In theory this is great free advertising for DivX which introduces a bunch of new eyes to their encoding product. Who knows if it actually works. Occasionally that watermark gets in the way of things like subtitles but it’s generally harmless. If you’re annoyed by it, DivX offers a fairly simple method for making it go away. Link.
Disable DivX Logo Watermark