Toshiba television issue

I have a Toshiba 30df56 which has worked pretty great - until yesterday. My wife was watching it and apparently the screen went red, there were lines in it. It was completely red, not just a red tint. It got really bright and then shut off. Ever since then, when turned on, there is a red bar across the middle of the screen. Then it gets larger, covers the whole screen, and the thing shuts off. Every now and then I still get the message at the bottom that says “Thank you for your patience.” but it is all on a red screen.

Does anyone here know what would cause this? Does this sound like something fixable? Is it going to be cheaper to just go buy a new TV?

Unless it’s under warranty or a very expensive set it’s not economically fixable.