WDTV Live Media Player Not Compatible with MyBook WDBBGB*****

My WDTV Live Media Player is not recognizing my newly purchased MyBook WDBBGB****.8TB Hard Drive. Am I missing an update on the hard drive or is it an issue with the Media Player. Any help would be appreciated.

These models are formatted with exFAT from the factory.
Reformat as NTFS or HSF+