Spacey has been accused of making sexual advances on a 14-year-old 30 years ago
Kevin Spacey will no longer receive an Emmy from the International TV Academy after being accused of sexually harassing a teenager.
The House Of Cards star was meant to be honoured by the International TV Academy with an Emmy Founders Award in November.
"The International Academy has announced today that in light of recent events it will not honour Kevin Spacey with the 2017 International Emmy Founders Award," the statement said.
The Academy in charge of hosting the annual International Emmy Awards Show has revoked the honour after the actor was accused of making sexual advances towards a teenager more than 30 years ago.
Actor Anthony Rapp accused the 58-year-old of picking him up at a party, placing him on his bed and climbing on top of him.
Rapp would have been 14 at the time and Spacey 26.
He said he believed Spacey was "trying to seduce me" and he was "aware that he was trying to get with me sexually."
Spacey issued a statement on Monday saying he did not recall the incident, but apologising for what could have been "deeply inappropriate drunken behaviour."
Spacey used his apology to reveal he is "now living as a gay man" - a statement which has severe attracted criticism from both his Hollywood peers and the gay community.
The backlash after the allegations has been felt around the industry, with Spacey's flagship TV show House Of Cards being discontinued by Netflix following the claims.
"Media Rights Capital and Netflix are deeply troubled by last night's news concerning Kevin Spacey," the companies' joint statement said.
"In response to last night's revelations, executives from both of our companies arrived in Baltimore this afternoon to meet with our cast and crew to ensure that they continue to feel safe and supported," it added.
"As previously scheduled, Kevin Spacey is not working on set at this time."
London's Old Vic Theatre has responded to the allegation made against its former artistic director, saying no complaints were made against Spacey while he was there.
Spacey was at the helm of the famous theatre from 2003 until 2015.
The claim comes after the allegations about Harvey Weinstein prompted many people to speak out about their experiences of sexual harassment and abuse.
The producer, who denies criminal accusations made against him, was banned by the Producers Guild Of America on Monday, following similar announcements by the Oscars Academy, the BAFTAs and the BFI.