UPDATE: Chris Rock won't press charges against Will Smith but Academy started a "formal review"
Will Smith apologized to The Academy and his fellow nominees while accepting the Oscar for Best Actor

The slap Photo: Robyn Beck / AFP
UPDATE, 2:25 p.m. CT: Deadline reports that though Chris Rock has no intention of pressing charges against Will Smith, the incident is still under investigation by The Academy.
The Academy released a statement that reads:
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
In one of the most unbelievable moments in Oscars history, Will Smith slapped Chris Rock on stage after the comedian made a G.I. Jane 2 joke that was in poor taste about Jada Pinkett Smith—who suffers from alopecia. Though Smith initially appeared to sarcastically laugh at the joke, he then stood up from his seat, hit Rock, and upon arriving back to his seat, told Rock, “Keep my wife’s name out of your fucking mouth.”