Cut 1/2-inch slices from each end of baguette. Using long thin knife, work from both ends to hollow out loaf, leaving 1/4-inch crust all around.
In small bowl, combine cream cheese, pepper, olives, parsley and thyme. Stir in Italian cheese blend until well combined. Working from both ends, use spoon to fill baguette with cheese mixture, packing tightly to fill.
Wrap baguette in plastic wrap and refrigerate at least 2 hours or up to 8 hours before serving. Baguette makes one large sandwich or may be cut crosswise into slices to serve as snacks.
*You may substitute another olive variety.