SFGate

decoenthusiaste Lowe's and others have paintable chase you can use to hide them and paint to match the wall. A nice cabinet below would do it too.

Miguel Simoes Either furniture like decoenthusiast stated. OR you can have someone come in and move the power and cable boxes up to where your shelf is and install a nice floating unit in front of that. Not sure exactly how much space you have there, but Ikea has a ton of shelf/cabinet units that you can buy brackets for.

http://www.ikea.com/us/en/catalog/products/20218442/

Basically replacing that shelf you have currently with a unit like whats above in its place. They also make that unit in white iirc.

Karen Emmons Take some time, a little bit of money and move the electrical outlet to behind the tv. Speaker wires and such can also be run thru the attic for surrond sound systems. Nice and neat.
If you rent then this may not work, try the shelf idea.

diyjames Alice, you can use a cable box, such as this one from blue lounge: http://www.amazon.com/Lounge-Design-CB-01-WH-CableBox-Management/dp/B0019T0J9S/ref=sr_1_2?ie=UTF8&qid=1356723355&sr=8-2&keywords=bluelounge+cable+box
Use a wire cover to cover the wires going down the wall, like this: http://www.amazon.com/Wiremold-CMK30-Screen-Television-Cover/dp/B0015EA3NO/ref=sr_1_1?s=electronics&ie=UTF8&qid=1356723434&sr=1-1&keywords=wire+cover

I use both and love them. Also, you may want to consider a slightly wider shelf, as they look best if they are at least the width of the tv. Good luck!

diyjames Also, perhaps you want it this way, but the tv looks a bit high.

Darzy Here's the link for "cord management" at Home Depot that you can paint to match the wall. You may need two. :)
http://www.homedepot.com/webapp/catalog/servlet/ContentView?pn=SF_EL_Cord_Management&storeId=10051&langId=-1&catalogId=10053

Welcome Home designs I think your easiest solution (and most visually pleasing) is to purchase a cabinet to hide your wires and accessories. if you're worried about the depth of the unit getting in the way then your best bet is to have something custom made. Good luck

olldbobbi With a couple of 2 X 4's and a small piece of wallboard you can make your own faux wall, then just paint it to match the wall color you have now. All the wires will then be hidden, and you will have the blank space you wanted.

Darzy Super idea olldbobbi!

Judith Taylor Designs A furniture piece like decoenthusiaste showed would be nice. You will probably find you need to lower the tv if the components are moved into the media unit. It is quite high right now.

olldbobbi Thanks, Darzy!

Darzy You;re welcome! Brilliant...I'm going to remember that idea for sure.