Power supply capacitors, try taking a hair dryer and put it on the vents in the back and see if it will come on after warming it up for 3 or 4 mins, if it does its capacitors, you can replace them yourself if you can solder or replace the power board.
Those blinks [flashes] are fault indication (Error Codes). From the number of blinks occur at one time switch ON, you can get an idea about the faulty circuit section inside it. This will make repair easy. These are called blinking codes. Make sure about the exact number of blinking of the standby/power LED, by switching On & OFF the set, for at least two times. Count it carefully. If you wish to get some details, check the site linked here. It has details about blinking codes, and fault locating procedure, to many popular brand TVs and other devices.
If blinks continue without any pause, the main board is faulty.
Search the site by type in the "brand name" to your device, in the "Search box at the top right of the display window of the Homepage" to get gathered related posts.
The failure(s) in your TV is related to a part called light engine or optical block and Sony TVs are known for these kind of failures with the video showing with different colors or lines.
Check the link provide for more info or if you would like to try fixing the TV yourself.
Let me know if you would need further assistance.