Eddie Murphy Quits As Next Year's Oscar Host

It's official, actor Eddie Murphy has pulled out as host of next year's Oscar Awards.

This decision comes only hours after his pal, director Brett Ratner resigned from co-producing the awards. Murphy released a statement through AMPAS:
"First and foremost I want to say that I completely understand and support each party's decision with regard to a change of producers for this year's Academy Awards ceremony. I was truly looking forward to being a part of the show that our production team and writers were just starting to develop, but I'm sure that the new production team and host will do an equally great job."
The 2012 Oscars will air live on ABC February 26. There is still no news on who will replace Murphy, although it has already been announced that A Beautiful Mind producer Brian Grazer would join the veteran producer Don Mischer in co-producing the broadcast. 

Why would he do this? It's not like he has that many options out there. I'm not saying I was looking forward to seeing him host, because I wasn't, but it seemed like a good career move. You know, since his career has basically been in the toilet for the last couple of years, ha ha.