Despite being the son and stepson of CBS News royalty, the veteran anchor Chris Wallace never worked for the network outside of a college internship and a stint at a local Chicago affiliate in the 1970s.

Now, at 77 — after a career that took him from NBC to Fox News to CNN, and the moderator’s chair at two presidential debates — Mr. Wallace has embarked on something of a homecoming.

Mr. Wallace, who left CNN when his contract expired last year, quietly became a senior adviser this summer for news and media investments at RedBird Capital Partners. The firm is a major investor in Skydance, the company that recently bought CBS’s parent, Paramount.

Mr. Wallace’s role is on the business side of the company, and he reports to Gerry Cardinale, the founder of RedBird. He said in an interview that any direct input for CBS News “is T.B.D.,” and that he was as likely to advise on strategy for RedBird’s other media interests, including The Daily Telegraph of London and the digital site Front Office Sports, as he was on, say, “60 Minutes.”

Still, Mr. Wallace has the ear of Mr. Cardinale as CBS’s new leadership seeks to reshape a network news division reeling from a chaotic period.