Format WD external network drive, My Book World Edition (white light)

Hey I need help with my drive, so for a while now I have been unable to delete anything from the my shared videos folder, for some reason the permissions have been changed and I have looked into them but don’t seem to be able to change them back so that I can delete any videos I have in there. So I have decided I would just format the drive but its not as easy as going to disk management, can someone help me on how I would go about formatting my external network drive.

You may do a Reset Factory Defaults:  How to reset the WD ShareSpace or the WD My Book World (White Light) drive