My apple tv is unresponsive even after resetting it. Any ideas?

My apple tv doesn't show up on the TV channel. I followed Apple's instructions to reset it by holding down the Menu button and the Down button until rapid blinking light. Then unplugged it and waited. After replugging it you see the Apple symbol on the TV momentarily, then it disappears and the tv reverts to its default channel. I have tried the above 3 times but no change. Is there any other way I can reset or restore it to function again? Perhaps connecting it to my Macbook?