What does a former high-flying media executive with plenty of cash do when he’s ready to get back in the game? Become an investor. That’s what former AOL Time Warner chief operating officer Bob Pittman has in mind.Pittman, the fall guy for many of the conglom’s ills and a named target in recent shareholder lawsuits alleging insider trading, has pitched his tent on Madison Avenue with designs on doing private equity deals in media. The company is going under the name of his existing firm, the Pilot Group LLC. Pittman left AOL Time Warner last July and is believed to have exited with some $94 million thanks to sale of AOL Time Warner stock since 2000.