Eddie Murphy No Longer Hosting Oscars

November 9, 2011 Updated Nov 9, 2011 at 3:40 PM EDT

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Eddie Murphy No Longer Hosting Oscars

November 9, 2011 Updated Nov 9, 2011 at 3:40 PM EDT

According to a news release from The Academy of Motion Picture Arts and Sciences, Eddie Murphy has withdrawn as host from the 2012 Oscars.

The move comes one day after Brett Ratner, who was scheduled to co-produce the 2012 show, resigned after coming under fire for making an offensive remark about homosexuals.

"I appreciate how Eddie feels about losing his creative partner, Brett Ratner, and we all wish him well," Academy President Tom Sherak said in the news release.

Murphy, in the news release, said: "First and foremost I want to say that I completely understand and support each party's decision with regard to a change of producers for this year's Academy Awards ceremony. I was truly looking forward to being a part of the show that our production team and writers were just starting to develop, but I'm sure that the new production team and host will do an equally great job."

Read the entire Academy news release HERE.