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1-Reset the TV by unplugging its power cord for 30 seconds and plugging it back in. This is an essential troubleshooting tool as a simple reset often will resolve the great majority of technical issues experienced by any kind of TV. Power the TV on after plugging it back in and check the picture for any improvement.
2-Unscrew the coaxial cable that attaches your wall cable outlet to either the coaxial cable input on the plasma TV or to any digital cable converters you may use at home. Check the copper needle in the middle of the cable for any bending or damage and screw the cable back on the coaxial input. Again, check the picture for any improvements.
3-Secure the audio/video connection cables that attach the source device you are trying to watch to the plasma TV. This is a particularly important step if you use component cables. Component cables separate a video signal into different colors, so a damaged or loose component cable can lead to noticeable discoloration on the screen. Once the cables are secure, both in the source device and the plasma TV, check the picture again to see if this may have resolved the issue.
4-Scan your channel lineup and check the other TVs in your home to determine the scope of the problem. If you see the discoloration only on one or a few channels, and the same channels are discolored on the other TVs in your home, you may be part of a cable service outage and you will need to report the issue to your cable provider. If all the channels on the one TV have the same discoloration, and the other TVs in the home look normal, the plasma TV likely will need to be serviced for a problem with its picture components.
I also had an LG M197WDP tv/Monitor with the same problem. It comes straight on when plugged in, but with the blank screen and scrolling version number across the top.
1. Use the remote control (check batteries first)
2. Point at the working TV and press either MENU or EXIT
3. Static should be seen on the screen.
4. Switch to standby using the remote, by preesing POWER button.
5. Switch back on using the POWER button.
All should then be working normally
Since the screen keeps turning off and sound only remains have a look at the inverter board for any buldging capacitors which look like blue cans, there is most probably a short in the inverter and the powersupply is sensing this thus turning it back into standby to prevent damage to the tv.
I had an issue with this TV too, it suddenly started blinking on and off whilst I was watching TV. I turned it off and on and problem persisted. I then pulled the power cable out from TV whilst it was still switched on and waited a few mins and put it back in. It has been 2 days and the issue hasn't happened again.