WD Live TV can't read WD Mybook Harddisk

Are you using the rear USB port on the WD TV Live?  The rear port will very often cause all sorts of problems no matter what drive you have hooked up.  Use the front USB port.  This is a very well known and documented problem that needs to be posted at the end of nearly every thread on this board.

For more info, see this thread:

USB Port Issues

Western Digital obviously knows about the problem because it is so severe.  It has been around for a LONG time also so it’s pretty obvious that they can’t fix it with a simple firmware update.