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The Academy Told Will Smith His Actions Will Have Consequences

Will Smith has been warned that action will be taken against him after he slapped Chris Rock at the Oscars.

"The Academy has talked to all parties. Will Smith was listened to [and] informed that his actions would have consequences," a source told People.

The source adds, "People witnessed an event arguably never seen before on TV. The questions being considered: Was everyone OK? Do they want to pull someone out of the theatre in handcuffs? And more. All these points were considered in less than a half hour."

WILL SMITH SMACKS CHRIS ROCK

Smith not arrested for the smack. No action has yet been taken against him.

"Will was asked to leave. It was relayed to the Academy that he declined," the source went on. "A board meeting was called immediately," says the source. "In the meeting, it was discussed that Will Smith violated Standards of Conduct, and a process was immediately put into place for disciplinary action."