PS3 Blinking Red Light

Hey guys. Have a old school fat PS3 that I mainly use these days just as a streaming device (Vue, Netflix & Blu Ray ). It will no longer turn on. Does the normal start up, then almost instantly starts flashing a red light and turns back off.

Is there a easy way to fix it? That's not super pricey? Don't really game enough to justify a PS4 but should I buy another PS3 or is this one fixable?

Thanks,
Jeffrey