Same issue here; tried everything in this forum, plus K-lite, Microsoft's 'Fix It', and altering the registry (x86) back and forth. Support ticket ID CS001418281
For giggles, I tried installing the PD13 Ultra trial version. It gave me the same (slightly re-worded) error, but then continued with the install!! It runs just fine!
Problem now is that the Trial version can't be activated directly with a CD key; it must be uninstalled, then reinstall the retail version... the one that can't make it past "...media player component required..." uuuugh
Can anyone tell what registry key the setup.exe is looking for? Apparently it's bogus; I'd be happy to just type it in...!!