No, not really. The tense use is odd. If the person on the other end of the phone can hear the TV or radio, this means that it's on at the moment, so the answer should be 'I'm watching TV' or 'I'm listening to the radio'. You would use the present continuous for what is happening at the moment. 'I've been watching/listening ..' implies that the speaker had probably been doing this up until the phone rang, and then switched off the TV or radio to answer the phone.

If they are talking just now, A. What is that noise? B. I'm watching the TV. I'm listening to the radio. saludos