There is no reason to reinstall WMP, the issue has to do with getting info from the internet, not an issue with the software installed locally. Make sure WMP can get through your firewall(s) otherwise it cannot send the request and then download the info.
Are you connecting to the internet from work? If so maybe you need to use proxy servers. You might also take a screenshot and post it of your options > network tab. I don't know enough about the Network settings in WMP but I can compare your to mine if you post a screenshot.
Of course it is also possible that Microsoft's Media Servers are down.