TV Turns Red, shuts off. On Timer blinks...

We own a 13 month old 36" JVC flat screen TV. Recently, the TV has been shutting off and the On Timer light begins blinking. I'm unable to turn the TV back on without unplugging for an extended period of time first. When the TV shuts off the screen turns red just before it turns off. Any ideas regarding this problem and what it will cost to fix it.

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