Error Sending Subscription for Custom Report. Error: "No subscription delivered" (4275645)

When sending a customer report you get an error "No subscription delivered"

Also the following error is logged in the Application log.

Event Type: Error
Event Source: QSchedExec
Event Category: None
Event ID: 1
Date: 5/8/2012
Time: 2:14:03 PM
User: N/A
Computer: ServerName
Description:
No subscription delivered.
The following errors occurred:
Error 0x8007007b. pStreamOnFile->OpenFile. Error=The filename, directory name, or volume label syntax is incorrect.
File: #0010_[Corporate Reports]\Name_of_Report %3E.QSRS"
Error 0x8007007b. pStreamOnFile->OpenFile. Error=The filename, directory name, or volume label syntax is incorrect.
File: #0010_[Corporate Reports]\Name_of_Report %3E 2MB.QSRS"