Colors extremely over-saturated on my TV

Quote from donbrew

Does "tried everything" include setting the "system>settings>Display>Resolution and reset it to the correct resolution" in Kodi?

So far, you have only said what you have done to the cables and the TV.

Yup. Did not make any difference.

Here's another thread I found about a similar problem: Raspberry Pi • View topic - Strange HDMI issue on LG Plasma TV

Granted that his problem was much more serious than mine. But in his case also, the issue existed only between a particular TV and the RPi, with the RPi working fine on other displays, and the TV working fine with other devices. So some kind of compatibility issue. It's really weird to be honest.

Does this tell you anything? Would be really great if I could solve this problem.