The incorrect envelope saw presenters Warren Beatty and Faye Dunaway wrongly present La La Land with the coveted Oscar rather than Moonlight.
“We deeply regret the mistakes that were made during the presentation of the Best Picture category during last night’s Oscar ceremony,” the statement reads.
Listen: We need to talk about what happened at the Oscars last night. Post continues after audio…
“We apologize to the entire cast and crew of La La Land and Moonlight whose experience was profoundly altered by this error. We salute the tremendous grace they displayed under the circumstances.
To all involved — including our presenters Warren Beatty and Faye Dunaway, the filmmakers, and our fans watching worldwide — we apologize.”
An investigation into how the incident happened was undertaken overnight, with accounting firm PriceWaterhouseCooper taking full responsibility for the mistake.
"For the last 83 years, the Academy has entrusted PwC to handle the critical tabulation process, including the accurate delivery of results," the statement continues.
"We... will determine what actions are appropriate going forward. We are unwaveringly committed to upholding the integrity of the Oscars and the Academy of Motion Picture Arts and Sciences."
All we can say? Heads. Will. Roll.