[quote=@ImpLaughs]
Maybe stick to Mojo being the "creator" but he captures one of those people that has reality powers (Mister Mxyzptlk (DC) or Impossible Man (Marvel)) and basically channels their powers forcefully for his bidding. A sick TV show, a sick TV show creator, and a sick power source keeping the universe running for amusement. 
[/quote]

The only ones able to subdue Mxyzptlk (control his powers or take them away) is other Fifth Dimensional beings (meaning more than one). Mojo can be powerful but is nowhere near smart enough to figure that out. Even the Infinity Gauntlet does not touch him in power because they are not of the same reality. Now if you want a TV show Impossible Man did just that with the Fantastic Four. Following them around with a camera and broadcasting it everywhere.