Doing a media wall and or leaving the fireplace are two different things. You could do the media center and leave the fireplace depending on your furniture lay out. It is however, most advantageous to have seating oriented to TV and fireplace so one can enjoy both at the same time. Side by side is the optimum.

Nowhere near enough context in your question. What does " media wall" mean to you ? A cool console? Built in something?

You show a screen shot we can't blow up, you have no dimensions for the room, we do not know how much seating you would like,

We know,,,,,,,,,,,,,,,,,nothing

Come back when you have more context : ) especially dimensions of ever wall, window , opening and an inspo pic of "media"

Is this room open to or adjacent to the kitchen thread you just posted asking for a modern organic style? Generally you want some cohesiveness so your living spaces are complementary.

https://www.houzz.com/discussions/6568560/kitchen-makeover#n=4

It really depens on what your needs and desires are. Do you need a media wall? Do you need to house tv, sound system, gaming consoles, etc.? If you don't have all that equipment will suggest you leave the fireplace and have it as the focal point of your room. Btw, your room is pretty nice as is but can understand your wanting to make a change. Good luck!

Change the room completely including the use of the room?

You CAN leave the fireplace where it is AND add a media wall to the far wall.

Are you keeping the furniture?

I'd start by rearranging the furniture and see what layout you hope to achieve.

So we wait for info. The shot does not look real So much info needed and good pics of your space and a floor plan to scale all posted here in jpeg format

Moving the fireplace?.. Huge expense, like rebuilding 2 walls of your house! If you now own the house, ethen better information so pros can help you decide furniture size and placement, function, and flow. If you are thinking about the hose, this might not be the one for you if you are serious about moving the fireplace just for media function.

The fireplace appears to be a "portable" electric one like this