Sumner Redstone, controlling shareholder of CBS Corp., said he won’t attend the broadcaster’s May 21 annual meeting in New York.
“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, 91, said Thursday in an e-mailed statement. “I hope to attend next year’s meeting.”
The health of the media patriarch, who also controls Viacom Inc., has led to speculation about who will lead both companies after he dies and who will control his voting shares. Redstone issued a statement last week saying his ownership will pass to a seven-member trust.
He also said the boards of CBS and Viacom will decide who succeeds him in his role as chairman of both.