$variables array not being built correctly when using colorbox.

I recently came across the same issue that was described in #1904844: Video field renderer outputs junk data if the video_embed_field is empty. The difference between my issue and that one is that that should only be applying to empty fields. However, even after applying the patch, I am experiencing the same error even when my field has a url saved to it.

I realized that the reason this is occurring is because the $variables array is not being built correctly. However, this only happens when I'm using a colorbox. When I'm just embedding the video directly into the page, the video renders fine.

This seems to be because when using colorbox, $variables['url'] is being set at null, and therefore the following code is returning nothing for the embed_code.

  if (!empty($variables['url'])) {
    // Prepare the URL
    if (!stristr($variables['url'], 'http://') && !stristr($variables['url'], 'https://')) {
      $variables['url'] = 'http://' . $variables['url'];    }

    // Prepare embed code
    if ($handler && isset($handler['function']) && function_exists($handler['function'])) {
      $embed_code = call_user_func($handler['function'], $variables['url'], $variables['style_settings']);
      $variables['embed_code'] = drupal_render($embed_code);
    }
    else {
      $variables['embed_code'] = l($variables['url'], $variables['url']);
    }
  } else {
    $variables['embed_code'] = '';
   }

I'm not sure exactly how to fix this, so any help would be greatly appreciated.