Anything that starts out with "I saw on Dr. Oz..." has about a 95% chance of ending with nonsense.
From what I've been able to find, there aren't any good controlled studies on this. There's a tendency for people who take brewer's yeast on their own to have lower cholesterol-- but who do you know who takes brewer's yeast on their own? People who are very "into" nutrition and go to health food stores, etc. Vegetarians also tend to take it. These are people who eat less saturated fat, especially animal fat and "junk" fat like hydrogenated vegetable oil. It's pretty hard to know whether brewer's yeast would do anything for people who aren't already eating right.
If you're on medication or a special diet for your cholesterol, don't try to replace it with brewer's yeast. Diet definitely works. Brewer's yeast *might* possibly help some people, maybe. It won't hurt you to try it along with whatever else your doctor tells you to do, but you can't replace other treatments with brewer's yeast.
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