Discoloration of this sort is caused by magnetism. All CRT TVs (like yours) have a de-gaussing coil around the picture tube that de-magnetizes the screen (more specifically the shadow mask) every time you turn it on. It is likely that the circuit that controls this coil is at fault. There is probably a cold solder joint where it connects to the main circuit board.
The other scenario is that someone (small child generally) has run a magnetic object very near to the screen, magnetizing the shadow mask (inside the picture tube) and causing a rainbow effect. This is less likely if the rainbow effect is a nice even circular shape. Generally if it's been magnetized by a magnet as described the discolored areas will appear blotchy.
In short, if you have some electronics skills, get in there with your soldering iron and touch up the connections to the de-gaussing coil. If not, find someone who does.
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