1st generation apple tv will not accept new password
1st generation apple will not accept code sent from apple for access to ITunes.
What if I use two-factor authentication on a device running older software?
If you use two-factor authentication with devices running older OS versions, you might be asked to add your six-digit verification code to the end of your password when signing in. Get your verification codefrom a trusted device running iOS 9 and later or OS X El Capitan and later, or have it sent to your trusted phone number. Then type your password followed by the six-digit verification code directly into the password field.