apple tv does not connect and blinks constantly
Apple tv blinks constantly and never connects
Apple TV HD, tvOS 15
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A flashing status light signifies a failure to start up properly.
First try a cold restart (disconnect from power for a minute or two). If that doesn’t improve it, then the system software may have to be re-installed. How that is done, is described here, differentiated by model: Restore your Apple TV - Apple Support