Held in esteem, mythical TV award (4)
I believe the answer is:
emmy
'tv award' is the definition.
(I've seen this before)
'held in esteem mythical' is the wordplay.
'held in' indicates a hidden word.
'EMMY' is hidden within 'esteem mythical'.
(Other definitions for emmy that I've seen before include "Academy of Television Arts and Sciences award" , "US TV award" , "Least complicated" , "Annual television award" , "US television award" .)