Will Smith has been banned from the Oscars for 10 years, after storming the stage and slapping Chris Rock across the face.
Speaking in a statement given to PA after the news was made public, Will said: "I accept and respect the Academy’s decision"
An investigation into his actions was launched after the star-studded ceremony last month.
"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," CNN report Academy President David Rubin and CEO Dawn Hudson said in a statement on Friday.
The decision was reportedly made during a Board of Governors meeting held earlier in the day in Los Angeles.
The meeting had originally been planned to take place on April 18, but was brought forward after the actor resigned from the Academy last week.
It was previously believed that the star's resignation would not prevent the actor from being nominated for future awards.
According to US media sources, the Academy's statement in full 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."
They continue: "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."
Comedian Chris is yet to publicly address the slap - shutting down hecklers at comedy shows on multiple occasions since.
Chris may not be ready to discuss the assault, but the star's brother has been keen to offer his opinion on the matter - previously stating he would like to see the actor's Best Actor honour revoked by The Academy.
"Every time I’m watching the videos, it’s like a rendition that just keeps going over and over in my head," Kenny Rock told the Los Angeles Times earlier this week.
"My brother was no threat to him and you just had no respect for him at that moment. You just belittled him in front of millions of people that watch the show."
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.
His 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.
But 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."
Public opinion was divided over what happened.
Some praised Will for standing up for his wife, while others said that violence is never the answer and called for him to be stripped of the prestigious award.
The Academy of Motion Picture Arts and Sciences condemned Will's behaviour after the incident and said it was launching an investigation.
It said in a statement: "The Academy condemns the actions of Mr Smith at last night's show. We will explore further action and consequences in accordance with our bylaws, standards of conduct and California law."
According to the code of conduct, actions like this could result in "suspension of membership or expulsion from membership".
Will had apologised to the Academy and his fellow nominees when he collected his prize, and later issues a grovelling public apology to Chris.
He penned: "Violence in all of its forms is poisonous and destructive. My behavior at last night’s Academy Awards was unacceptable and inexcusable.
"Jokes at my expense are a part of the job, but a joke about Jada’s medical condition was too much for me to bear and I reacted emotionally.
"I would like to publicly apologize to you, Chris. I was out of line and I was wrong. I am embarrassed and my actions were not indicative of the man I want to be. There is no place for violence in a world of love and kindness."
He added: "I would also like to apologize to the Academy, the producers of the show, all the attendees and everyone watching around the world.
"I would like to apologize to the Williams Family and my King Richard Family. I deeply regret that my behavior has stained what has been an otherwise gorgeous journey for all of us.
"I am a work in progress. Sincerely, Will."
