The timer is managed under Events > Events

The timer is controlled by events that have the "live service" category assigned, and it will automatically countdown to the next event date/time that has the "live service" category assigned (one time and recurring events).

The countdown title/link before the timer is managed under Content > Link Lists > "Countdown Bar"

You will see one item in the list titled "Watch", and within that item, the "link" and "description" fields are used.