3930 when pushing subscription to a snapshot replication p..

We are attempting to use snapshot replication to push data from one SQL
Server 2005 server to another SQL Server 2005 server. We had no trouble
creating the publication, but when we try to create a new push subscription
we get the failure below (machine, database, etc.. names replaced with
elipses).

The credentials we are using to push the subscription is a member of
sysadmin on the publisher and a member of db_owner in the target database of
the subscriber. Push subscription. Has anyone seen anything like this before?

-------------------------------------------
Creating Subscription(s)...

- Creating subscription for '...' (Error)
Messages
* SQL Server could not create a subscription for Subscriber '...'. (New
Subscription Wizard)

------------------------------
ADDITIONAL INFORMATION:

An exception occurred while executing a Transact-SQL statement or batch.
(Microsoft.SqlServer.ConnectionInfo)

------------------------------

The current transaction cannot be committed and cannot support operations
that write to the log file. Roll back the transaction.
The current transaction cannot be committed and cannot be rolled back to a
savepoint. Roll back the entire transaction.
Changed database context to '...'.
Job '...-...-...-...-8' started successfully.
Warning: The distribution agent job has been implicitly created and will
run under the SQL Server Agent Service Account. (Microsoft SQL Server, Error:
3930)

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