Prueba con este otro código, puedes modificar el width and height
<object CLASSID="CLSID:22D6f312-B0F6-11D0-94AB-0080C74C7E95" CODEBASE="http://activex.microsoft.com/activex/controls/mplayer/en/nsmp2inf.cab#Version=5,1,52,701" standby="Loading Microsoft Windows Media Player components..." type="application/x-oleobject" NAME="MC1" ID="MC1" height="500" width="500" bbclient="1">
<param NAME="FileName"
VALUE="madridespana_0001.wmv">
<param NAME="AutoStart" VALUE="True">
<param NAME="ShowStatusBar" VALUE="True">
<param NAME="ShowGotoBar" VALUE="False">
<param NAME="TransparentAtStart" VALUE="False">
<embed type="application/x-mplayer2" pluginspage="http://www.microsoft.com/windows/windowsmedia/en/Download/default.asp?tcode=9#location2"
src="madridespana_0001.wmv" name="MC1" height="500" width="500" AutoStart="True" ShowStatusBar="True" ShowGotoBar="False" TransparentAtStart="False" bbclient="0">
<noembed></noembed></object>