Oscars president Tom Sherak announced Wednesday that Eddie Murphy has withdrawn as host of the 84th Academy Awards. 

"I appreciate how Eddie feels about losing his creative partner, Brett Ratner, and we all wish him well," said Sherak.

Ratner resigned, or was fired, depending on who you ask, by the Academy after making a gay slur in a press conference promoting his new movie "Tower Heist," which stars Murphy. Ratner was set to direct the live show for the first time.

"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," Murphy said in a statement released by the Academy Awards. "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."

The Oscars are scheduled for February 26, 2012. There is no word yet on Murphy's replacement.

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