Will Smith ready to accept 'further consequences' after resigning from film academy

Will Smith has said he will accept any further consequences that the board deems appropriate as he resigned from Hollywood's Academy of Motion Picture Arts and Sciences after slapping presenter Chris Rock at the Oscars ceremony.

"I have betrayed the Academy's trust. I have denied the other nominees and winners the opportunity to celebrate and celebrate their extraordinary work," Smith's statement said.

"Therefore, I am resigning from my membership of the Academy of Motion Picture Arts and Sciences, and will accept any consequences deemed appropriate by the Board," the statement said.

According to reports, the Academy may also cancel the Oscars. The academy said it would take a decision on the issue next month.