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Billy Crystal Replaces Eddie Murphy as Oscars Host

Eight-time Oscar host Billy Crystal has been tapped to host the 84th Academy Awards, an Academy spokesperson confirmed. The news follows former host Eddie Murphy's exit from the award show on Wednesday.

"I'm thrilled to welcome Billy back to the Oscar stage," said Academy of Motion Picture Arts and Sciences president Tom Sherak. "He's a comic legend and Oscar icon, and it feels good to have him back where he belongs."

The actor will collaborate with producers Brian Grazer, who replaced the ousted Brett Ratner, and Don Mischer on the 2012 Oscars, scheduled for Feb. 26 on ABC.

It has been a roller coaster ride of changes for the Oscar telecast this week. On Tuesday, Ratner resigned after coming under fire forusing an anti-gay slur at a public appearance. Then Murphy, who had been recruited to host by Ratner, also announced his departure on Wednesday.

Crystal last hosted the Oscars in 2004. Only Bob Hope has hosted more, with 19.