It’s hard to believe, but it’s only been about 15 months since WarnerMedia’s direct-to-consumer chair Bob Greenblatt and content chief Kevin Reilly were ousted by newly installed C.E.O. Jason Kilar as part of his re-org to cut costs and boost HBO Max. Greenblatt, who loves producing, continued to set up projects, and this summer he landed a production deal at Lionsgate. But Reilly has been mostly silent.    

Now he’s ready to re-emerge. I’m told Reilly is preparing to raise money for a new venture that will seek to invest in international television companies, particularly independent outfits in Europe, and help scale them and sell projects globally. Reached by text, Reilly declined to comment on the venture. He’s still under contract at WarnerMedia, so he’d need to resolve that relationship before launching anything new.    

Reilly, 59, has a resume that reads like an alphabet soup of top TV jobs, with major roles at NBC, FOX, TNT, TBS and FX. He’s been looking at the international sector for awhile, so this isn’t just a knee jerk reaction to Squid Game or Money Heist. To be honest, his biggest challenge is that all the U.S.-based TV powerhouses are investing overseas. Just today, ViacomCBS bought the Spanish language content producer Fox Telecolombia Estudios TeleMexico from Disney and the founding family. As streaming subscribers for Netflix and others begin to plateau in North America, local-language foreign programming that could travel globally is everyone’s goal. Soon it could be Reilly’s too.