The Academy expressed their "deep gratitude" to comedian Chris Rock for keeping his cool last month, as they announced Will Smith has been banned from the Oscars for 10 years.
Will, 53, shall "not be permitted to attend any Academy events or programs, in person or virtually", after a investigation took place after his assault on Chris at last month's awards.
In a full statement announcing the Best Actor winner's decade-long ban, the Academy said how Will slapping Chris across the face on stage at the 94th Oscars "overshadowed" what is meant to be a celebration of the incredible work done by many in the movie industry.
The Academy went on to apologise for not addressing "the situation in the room" on the night.
According to US sources, the full statement reads: "The 94th Oscars were meant to be a celebration of the many individuals in our community who did incredible work this past year; however, those moments were overshadowed by the unacceptable and harmful behaviour we saw Mr Smith exhibit on stage.
"During our telecast, we did not adequately address the situation in the room. For this, we are sorry. This was an opportunity for us to set an example for our guests, viewers and our Academy family around the world, and we fell short — unprepared for the unprecedented.
"Today, the Board of Governors convened a meeting to discuss how best to respond to Will Smith’s actions at the Oscars, in addition to accepting his resignation. The Board has decided, for a period of 10 years from April 8 2022, Mr Smith shall not be permitted to attend any Academy events or programs, in person or virtually, including but not limited to the Academy Awards."
It continues: "We want to express our deep gratitude to Mr Rock for maintaining his composure under extraordinary circumstances. We also want to thank our hosts, nominees, presenters and winners for their poise and grace during our telecast.
"This action we are taking today in response to Will Smith’s behaviour is a step toward a larger goal of protecting the safety of our performers and guests, and restoring trust in the Academy. We also hope this can begin a time of healing and restoration for all involved and impacted."
Speaking in a statement given to PA after the news was made public, Will said: "I accept and respect the Academy’s decision"
Will had won the Best Actor gong for his leading role in King Richard, taking to the stage to accept it not long after he had slapped Chris.
The Fresh Prince of Bel Air's outburst came after Chris joked to Will's actress wife Jada Pinkett Smith that he couldn't wait to see her in GI Jane 2, referencing how Demi Moore famously shaved her head for the role.
Jada, who has alopecia and shaved her hair off after it started to fall out, looked visibly upset as she rolled her eyes and her face dropped.
Will suddenly stormed the stage and slapped Chris before returning to his seat and yelling: "Keep my wife's name out your f***ing mouth."
The actor has since apologised to Chris for his actions, and resigned from the Academy prior to his ban being revealed on Friday.
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