Hello
The BE Device and Media management service is dependent on the third party components to be functioning properly.
Make sure DOT NET and MDAC components are installed properly. Make sure that there are no mismatched dlls with MDAC.
Also try creating a new catalogs folder. Probably one the MS updates that you did might have replaced old dll(s) with new ones and this might have caused a component mismatches.
This is a generic event log error that you have posted.
Use MDAC component checker utility to confirm that that there are no mismatches. If so it is advisable to update MDAC or replace mismatched dll(s)
Let me know how it goes.
In the worst case scenario you could try new databases using BEUTILITY and make sure it is not a database issues.
To me it looks like MDAC or Dot NET issue. Sometimes a mere repair install of the Dot NET component will start the service.
Cheers.