The TV and the fireplace are natural focal points of the living room. It makes sense to place them in the same area as the seats can be positioned around them for optimum viewing.
It is common to see a TV above fireplace design with the screen mounted on the wall and the cables hidden behind it. This provides a clean and pleasing appearance that guests can appreciate.
However, this type of job should be given to professionals as the proximity of sensitive electronics to a heat source is a dangerous combination. An expert will be able to ensure shielding so that these remain safe and separate.
Pros can also find creative ways to run the cables in such a way as to keep them hidden from view. They can even improve the aesthetics with LED lighting behind the TV and other enhancements.