Spacey apologised last weekend to actor Anthony Rapp, who had accused him of trying to seduce him in 1986 when Rapp was 14.
Spacey publicly came out as gay at the same time as making the apology, for which he was roundly criticised.
Production on House of Cards, in which the Oscar-winning Spacey plays US president Frank Underwood, had already been suspended on Tuesday.
In a statement, the company said: “Netflix will not be involved with any further production of House of Cards that includes Kevin Spacey. We will continue to work with MRC (production company Media Rights Capital) during this hiatus time to evaluate our path forward as it relates to the show.
“We have also decided we will not be moving forward with the release of the film Gore, which was in post-production, starring and produced by Kevin Spacey.”
Gore is a biopic based on the life of writer Gore Vidal directed by Michael Hoffman.
Netflix had previously announced it was ending the Emmy-nominated House of Cards at the conclusion of its upcoming sixth season amid sexual allegations against Spacey.
Earlier this week the actor’s publicist said Spacey is “taking the time necessary to seek evaluation and treatment”, but it is understood the publicist has since cut ties with the actor.
In 2000, Spacey won the best actor Oscar for his role in American Beauty, where he played Lester Burnham, an advertising executive who becomes infatuated with his teenage daughter’s best friend.
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