Normally, when this happens, the TV goes into " Protection Mode " because of a failing circuit board. Most likely the TV has a power supply related problem. It's possible that it maybe a bad capacitor or transformer on the power supply board. The most common thing to go out on flat panel TVs is the circuit board that supply power to the screen. Commonly called a Backlight Inverter Board.
But, I can't say it's 100% the problem because I can't actually look at the tv over the internet. I can only make guesses with the symptom.
You have a few choices:
1. If by chance the TV is still under warranty, go that route.
2. If you have some electronic experience, if you can find and purchase a Service Manual over the internet; It will help you diagnose the source of the problem and fix it by soldering in the new part. The Service Manual will give you red light flashing codes, circuit diagrams, test points, and part# lists.Usually, cost under $20. And most cases the new part cost less than $15.
3. Pay a TV shop to do the repairs. It maybe costly, but get an estimate of how much they will charge. That way you can decide if it worth repairing or replacing the whole TV.
I hope I shed some light on the subject for you.
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