Text
Text media is entered directly on a Layout in a Region Playlist. A rich editor is provided for formatting the text for display.
Fonts can be added to the editor using the Font module.
The text editor will have a background colour that is identical to the layout background colour and will provide a complimentary text colour when first opened.
Options
Text items can also have a scroll direction, speed and must have a duration of play. It is typical to have a text item as the only item in a Region Playlist and therefore the duration can be set to 1 second (or another low value).
CKEditor
CKEditor is used for text input. Complete documentation for all the buttons is available over at CKEditor's website.
Text formatting is actually HTML and you can "view source" on the text editor to adjust the HTML manually if you choose.