Actor-singer Belafonte, 87, is being recognized for his dedication to shedding light on racism and inequality worldwide, the academy said.
Actress O'Hara, 94, whose films include The Quiet Man, will join artist and animated filmmaker Hayao Miyazaki and screenwriter Jean-Claude Carriere in receiving honorary Academy Award statuettes for lifetime achievement.
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Miyazaki is the Oscar-winning creator of Spirited Away. Carriere's four Oscar nominations include one for That Obscure Object of Desire, and he won for a live action short, Heureux Anniversaire (Happy Anniversary).