The Academy of Motion Picture Arts and Sciences isn't dropping Sunday night's Oscars incident with Will Smith and Chris Rock ... opening a formal review of what went down and further condemning Will's actions.
The Academy made a statement Monday, saying "The Academy condemns the actions of Mr. Smith at last night’s show. We have officially started a formal review around the incident and will explore further action and consequences in accordance with our Bylaws, Standards of Conduct and California law."
The Academy usually holds a post-Oscars meeting that goes over what happened during the show ... odds are, this review will be a big topic of discussion. It's unclear what's on the table ... it could be anything from taking Will's Oscar back, to banning him from future awards shows. Or, it could just be a reprimand.
As you'll recall, Chris Rock was announcing the award for Best Documentary when he made a joke about Jada Pinkett Smith's shaved head, comparing her to "G.I. Jane."
Will walked on stage and slapped Chris across the face. After returning to his seat -- entire audience shocked and confused -- Will shouted from his seat, "Keep my wife's name out your f****** mouth!"