The definition is fabulous creature, giving DRAGON. The wordplay reads as DRAG ON — "drag" is slang for dressing in the style of the opposite sex (as in a drag queen/transvestite), and "on" means showing or broadcasting, so "Like TV" clues DRAG ON, meaning "like TV" in the sense of a transvestite appearing on screen. The whole thing splits neatly into DRAG + ON = DRAGON.