Earlier this week, the 2012 Oscars lost its producer and its host, and within the last 24 hours it has replaced both.  We previously reported that Brian Grazer would take over producing duties from Brett Ratner, and now Billy Crystal has tweeted (and Variety has confirmed) that he will be hosting.  Here's what he said on Twitter (via @AwardsDaily):

"Am doing the Oscars so the young woman in the pharmacy will stop asking my name when I pick up my prescriptions. Looking forward to the show."

Crystal is the safe choice the Academy needs after this recent debacle.  He's hosted the show eight times before, and at last year's disastrous ceremony he was one of the brief enjoyable moments.  The Academy obviously doesn't want any more headaches when it comes to their self-congratulatory bash, and Grazer and Crystal will get the job done with no behind-the-scenes drama. [Update: We've been sent the full press release, which is now included after the jump.]Here's the full press release:

Producers Brian Grazer and Don Mischer have announced that Billy Crystal will serve as host for the 84th Academy Awards.

“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.”

Commented Grazer: “Like so many others, I’ve been eager to see Billy host again. It’s very gratifying that he agreed to do it with Don and me at the helm.”

Said Mischer: “With Billy, we’re moving forward with one of the greatest hosts in Oscar history. His return to the Oscars is, in a sense, a celebration.”

This will mark Crystal’s ninth time as host. Only Bob Hope has hosted more Academy Awards presentations, with 19 ceremonies between 1940 and 1978. Crystal last hosted the Academy Awards in 2004.

“Some of the best moments of my career have happened on the Oscar stage. I am thrilled to be back there. Actually, I am doing this so that the young woman in my pharmacy will stop asking me my name when I pick up my prescriptions,” said Crystal.

Academy Awards for outstanding film achievements of 2011 will be presented on Sunday, February 26, 2012, at the Kodak Theatre at Hollywood & Highland Center®, and televised live by the ABC Television Network. The Oscar presentation also will be televised live in more than 200 countries worldwide.