The billionaire, who controls both CBS and Viacom, lives in Beverly Hills. He turns 92 later this month and has struggled with mobility issues in recent years.
CBS' investors meeting is scheduled for May 21.
"I had been planning on attending CBS's 2015 Annual Meeting, but unfortunately will not be able to travel to New York for the event this year," Redstone said in a statement released Thursday. "I hope to attend next year's meeting."
Redstone also missed the Viacom shareholders meeting earlier this year in Palm Beach.
CBS shares closed down 8 cents to $59.64 on Thursday. CBS shares are up nearly 8% this year.