Ever since Will Smith slapped Chris Rock on stage at the 94th annual Academy Awards, the story has continued to dominate headlines as the situation rapidly evolves, and it now appears that something of a conclusion has been reached. The "King Richard" star, who slapped Rock and then cursed at him from the crowd after the comedian quipped about Jada Pinkett Smith, went on to receive the award for best actor mere minutes later. It was his first Oscar, and may prove to be his last for quite some time.

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The Academy of Motion Picture Arts and Sciences opened a formal review into Smith's behavior at the ceremony the next day, and Smith soon issued an apology, calling his actions "inexcusable." A few days later, on April 1, Smith took the drastic step of resigning his Academy membership, noting that he would accept any additional consequences and writing, "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."

Though the Academy accepted Smith's resignation, President David Rubin made clear that the organization's board of governors would continue disciplinary proceedings against the actor at their next meeting in accordance with its code of conduct. Today, after meeting 10 days earlier than planned, the Academy has finally come to a decision, imposing a harsh penalty on Smith.