It's absolutely doable.
My first two questions would be:
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How do you intend to get the signal to the arduino? buttons and DC control voltage, Ethernet, wireless, etc.
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What piece of hardware do you intend to use that will handle the load of pivoting the television? DC motors, AC motors, (very large) servos, etc.
Once you have these two questions answered i think you are well on your way to putting together a good plan and you might be able to start putting a program together shortly afterward.