Usually if your tv is picking up bright colors then that means that you probably have a fuse blown in your tv. Usually you can take it to a repair shop and get it fixed.
A TV has three color of light, like the primary colors, that make up all of the colors. If one color in the TV goes out then the picture will look discolored.
Both conventional CRT and digital TV screens function by combining the colors red, green and blue. From your description of the problem I conclude that whatever produces the color red has failed.
May be the TV has become magnetised. Options are to remove any nearby materials which develop magnetic fields around or call any professional who will degauss using degaussing coils.
