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My featured video is not sized correctly on the individual article page (i.e. it has black bars around the video)

The issue is that there is no height or width set for the video shortcode that is used to create the featured video, so youtube is coming up with some default size somehow. Try adding in a width and/or height value to the line that calls the featured video. It's in functions/page-content.php line 349:

$video = it_video( $args = array( 'url' => $video, 'video_controls' => it_get_setting('loop_video_controls'), 'parse' => true ) );

It would be added like this:

$video = it_video( $args = array( 'url' => $video, 'video_controls' => it_get_setting('loop_video_controls'), 'parse' => true, 'width' => 750, 'height' => 550 ) );