Fully-patched PowerDVD 16 Ultra and 15 Ultra both affected, media tested was Twin Peaks Blu Ray disc 4.
Update causing the issue is one of:
KB3191907 (unlikely)
KB2976978
KB4025376
KB3213624 (unlikely)
KB890830 (unlikely)
KB4025336
Platform is Windows 8.1 Pro x64. Hardware is Core i5-2500K, Radeon HD 7750, Xonar DX; latest WHQL drivers for video and sound cards.