I am trying to add a remove video url into the Media tab when I create an item. I am pasting the url of the video into the box that says Browse media on server or paste remote media URL.

The video URL is:

www.tributeslides.com/videos/embedded_video/CDBGWN9GFDQ87BZM

Once I click save the content in the box is changed to:

{com/videos/embedded_video/CDBGWN9GFDQ87BZMremote}www.tributeslides.com/videos/embedded_video/CDBGWN9GFDQ87BZM{/com/videos/embedded_video/CDBGWN9GFDQ87BZMremote}

Do you have any ideas what could be causing the issue? I uploaded an image the admin area and an image of what the website shows.

Your link seems to be working when i go to it. It shows fullscreen and plays
Im not sure what host you are using, I keep mine on YouTube channel after rendering them.
an example:
www.parkerwhitepruitt.com/index.php?option=com_k2&view=item&id=1658:lankford-johnson&Itemid=85
Also, there will be a guy speaking at JWC that has written a joomla control panel for Kaltura which looks interesting. Check the JWC12 website and you will find him in the speakers, cant remember his name at the moment