Hello, I’m Nathan, and I’ll be assisting you today. My livelihood depends on your positive feedback, so your satisfaction is my highest priority.
Sorry to hear you’re having trouble.
That process will not do any good here. The tv has to actually boot up fully for the factory reset to do anything, and even then it is just clearing the settings.
Unfortunately, the issues you are experiencing are symptomatic of an internal hardware defect, often a faulty power supply or main/control board, though there are many possible failure points. This issue could be a manufacturing defect, but is also often caused by a power event (shock/surge, prolonged over/under voltage condition, etc).
This could also be the result of age related wear and tear; as a 2012 model tv, that type of failure wouldn’t be surprising for this series, which were some of the most basic models panasonic made and were prone to this type of hardware fault.
There is one step you can take here, both as a possible fix, as well as a diagnostic evaluation:
1) Unplug the power cord from the outlet
2) Wait at least 1 hour (60+ Minutes)
3) Press and hold the power button (on the set, not the remote) for 60 seconds
4) Keep holding power button while plugging back in, and for another 60 seconds after. When plugging back in, go directly to the wall outlet, bypassing any power strips or surge protectors.
If this reset process does not work, it would unfortunately confirm an internal hardware failure.
This is something that would require repairs to correct; if you're thinking about a do it yourself repair, you'll need to be comfortable and skilled with electronics repairs, which would require dismantling the set (removing the back panel of the tv), diagnostics with a digital multimeter to test voltages inside, changing out boards as needed, and possibly desoldering/removing and soldering/replacing individual components. If you could tell me how many times it blinks, I could be more specific about the most likely problem. In the end though all of the parts for these sets are nearly impossible to find, and are all equally expensive.
If you’re considering repair at a local shop, you’ll find a typical repair to be around $300 for diagnostics, parts, and labor.
With that in mind, even though the tv is only about 3-4 years old at this point, replacement will usually make more sense for a 720p 42" tv. You can get a brand new LED tv with twice the picture quality (1080p) and a fresh warranty for the same price as repairs.
Depending how you’d like to proceed here, I can help with finding parts, finding a repair shop, or recommending replacement options. Just let me know.
Best regards, ***** ***** for the news,
I am an independent technician and I've spent my personal time, unpaid, in a good faith effort to assist with the question for which you solicited my services. I am only paid for my efforts when customers such as yourself leave positive feedback for my work. Again I apologize there is not a better outcome here, though this is really beyond either of our control. I do hope you’ll consider leaving a positive rating for me, rather than “shoot the messenger”, so that I may get credit for my time spent in good faith to answer your question accurately.