This is a developing story. To follow our ongoing coverage, click here.

(CNN) The studio and network behind Fox's "Empire" say they are considering their options, following the arrest of television actor Jussie Smollett.

"We understand the seriousness of this matter and we respect the legal process," 20th Century Fox Television and Fox Entertainment said in a statement to CNN on Thursday. "We are evaluating the situation and we are considering our options."

The company's statement came hours after Smollett was arrested on suspicion of filing a false report

Chicago police allege Smollett paid two men $3,500 to stage an attack on him last month.

Smollett had told police that on Jan. 29 he was attacked by two people who yelled racist and homophobic slurs at him, tied a rope around his neck, and poured an unknown substance on him.

Read More