Legend 32" LCD TV Picture and sound gone?

I was watching my Legend 32" LCD TV (LC3716L) and there was a loud pop and the picture and direct audio from the TV speakers went out. The Audio is still heard through the speakers of the attached sound system and the power indidcator light still turns on and off as you turn the TV on and off. What could the issue possibly be and is it worth repairing it or just fork out the cash for a new set?