Breaking: Will Smith resigns from the Academy and says he'll accept any punishment they decide

Movie star Will Smith said in a statement Friday that he had resigned from the Academy of Motion Picture Arts and Sciences over the slapping incident that took place during Sunday's Oscar awards ceremony.

"I have directly responded to the Academy's disciplinary hearing notice, and I will fully accept any and all consequences for my conduct," said Smith in the statement.

The popular movie star has already apologized for marching up to comedian Chris Rock and slapping him during the ceremony for a joke he made about his wife who was sitting next to him in the audience. His wife, Jada Pinkett Smith, suffers from hair loss from alopecia.

"My actions at the 94th Academy Awards presentation were shocking, painful, and inexcusable. The list of those I have hurt is long and includes Chris, his family, many of my dear friends and loved ones, all those in attendance, and global audiences at home,” Smith continued.

“I betrayed the trust of the Academy. I deprived other nominees and winners of their opportunity to celebrate and be celebrated for their extraordinary work. I am heartbroken. I want to put the focus back on those who deserve attention for their achievements and allow the Academy to get back to the incredible work it does to support creativity and artistry in film," he added.

"So I am resigning from membership in the Academy of Motion Picture Arts and Sciences, and will accept any further consequences the Board deems appropriate," Smith concluded.

While many have speculated on how the Academy might punish Smith, Academy board of governors member Whoopi Goldberg has already said that they would not be taking away his best actor award.

“We’re not going to take that Oscar from him. There will be consequences, I’m sure," said Goldberg on her show "The View."

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