Same issue. Fresh install of Windows 7 Enterprise x64 and this update fails with same error code 80092004 .
On my existing 2008 R2 installations KB3038314 installs successfully. After that update the default search provider list is cleared and now shows as Bing. I am now unable to ad another default search provider. I do not get an error code but if I did I think it would say "Microsoft Fails at Ethics"