Firmware or soft problem

Here is a link to the user manual. There is some info that may be helpful. It seems you should be able to format it via the menu, if you had one. What happens if you take the drive out, do you get the menu. Does it appear that the player is working in any way or is it dead.

http://www.wdc.com/wdproducts/library/?id=242&type=25

For info you have a WD Elements play, which is not the subject of this board. 

How are you connecting the player to your TV, if you are using HDMI try a composite output.

You could try a player reset. (See manual)