The developments come after claims by actor Anthony Rapp that Spacey had made unwanted sexual advance towards him when he was a minor.
"The International Academy has announced that in light of recent events it will not honour Kevin Spacey with the 2017 International Emmy Founders Award," the International Academy of Television Arts and Sciences said in a tweet.
Though Netflix representatives told the New York Times their decision to end "House of Cards" -- one of the network's most successful shows that stars Spacey as a scheming politician who makes it to the White House -- is unrelated to the scandal, they said they were "deeply troubled" by the allegations against the actor.
The streaming giant and company Media Rights Capital that produces the show issued a joint statement yesterday after Rapp went public with his claims that Spacey, 58, tried to sexually assault him when he was 14 in 1986.
"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," the statement read.
"House of Cards" creator Beau Willimon also released a statement in support of Rapp.
"Anthony Rapp's story is deeply troubling. During the time I worked with Kevin Spacey on House of Cards I neither witnessed nor was aware of any inappropriate behaviour on set or off. That said, I take reports of such behaviour seriously, and this is no exception. I feel for Mr Rapp and I support his courage," Willimon posted on Twitter.
Rapp, 46, had told Buzzfeed News that he attended Spacey's party on his own after befriending the veteran actor and was the only non-adult there. After getting bored, Rapp went into a bedroom and watched TV until the early hours, when he realised no one else was left in the apartment.
Sapcey's statement has also drawn the ire of the LGBTQ community, including the Gay and Lesbian Alliance Against Defamation (GLAAD), with activists saying his sexual orientation had nothing to do with the allegations against him and he should not have mixed the two.
"This isn't a coming out story about Spacey, but a story of survivorship by Anthony Rapp and those who speak out about unwanted sexual advances," GLAAD president Sarah Kate Ellis tweeted.
"It Gets Better" creator Dan Savage condemned Spacey, saying, "There's no amount of drunk or closeted that excuses or explains away assaulting a 14-year-old child."
"Billy on the Street" host Billy Eichner tweeted, "That Kevin Spacey statement. Nope. Absolutely not. Nope"
Rose McGowan, who was one of the people to accuse Harvey Weinstein of rape, said the focus should be on the victim, not the accused.
"Keep focus on #AnthonyRapp BE THE VICTIM'S VOICE. Help us level the playing field," she tweeted.
Author Mark Harris said, "Coming out is a beautiful part of being gay. Attaching it to this vileness is so wrong."
Comedian Jordan Gavaris said sexual assault has nothing to do with sexuality.
"Sexual assault is not about sexuality. Sexual assault is about power. Say it with me, please," he posted.
Actor Zachary Quinto called Spacey's apology a "calculated manipulation to deflect attention" from Rapp's accusation and hoped the victim's voice gets support and is not alienated.
"It is deeply sad and troubling that this is how Kevin Spacey has chosen to come out. Not by standing up as a point of pride, in the light of all his many awards and accomplishments, thus inspiring tens of thousands of struggling LGBTQ kids around the world. But as a calculated manipulation to deflect attention from the very serious accusation that he attempted to molest one...
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