jQuery Update 7.x-2.4 makes Media 7.x-1.4's Library tab empty

I am using Media 7.x-1.4 on my website to manage the media files. Somehow in the Media Browser Overlay window, "Library" tab is empty. In the db log, I saw error message like below

Unable to render media from {"type":"media","view_mode":"media_preview","fid":"261","attributes":{"alt":"","class":"media-image","height":"180","typeof":"foaf:Image","width":"180"}}. Error: Could not load media object

It turns out jQuery Update 7.x-2.4 (https://drupal.org/project/jquery_update is the culprit). When it is enabled, the Media Browser's library tab is empty. After disabling it, my jquery slider is not working. So I still need to enable this module.

How to configure the Jquery Update properly so that it works with the Media module and not make media browser's library tab empty?

thanks!