They will be holding a meeting on Oct. 14 to discuss actions warranted from them on the allegations.
Harvey Weinstein has made a career of pursuing Academy Award wins for films he's distributed such as Shakespeare In Love and The King's Speech.
Hector Mata / AFP / Getty Images
But after exposés in the New York Times and The New Yorker detailed years of sexual harassment and sexual assault allegations from actors like Gwyneth Paltrow and Asia Argento respectively, many have called for the Academy of Motion Pictures and Sciences to revoke Weinstein's membership.
On Wednesday afternoon the Academy released the statement below on the Weinstein allegations:
"The Academy finds the conduct described in the allegations against Harvey Weinstein to be repugnant, abhorrent, and antithetical to the high standards of the Academy and the creative community it represents. The Board of Governors will be holding a special meeting on Saturday, October 14, to discuss the allegations against Weinstein and any actions warranted by the Academy."
The Academy of Motion Picture Arts and Sciences
Alex Ritman / Via Twitter: @alexritman