The honor is extra special for director Shankman, who once performed at the Academy Awards -- as a dancer.
He says, "This is such an unbelievable honor... There is no show like the Oscars and I am thrilled to be a part of our industry’s most treasured tradition."
Mechanic is the chairman and CEO of Pandemonium Films and the former chairman and CEO of Fox Filmed Entertainment.
The Oscars will take place in Hollywood on March 7.
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