If anyone knows something about movies, its Eddie Murphy. His IMDB filmography stretches from here to the moon (slight exaggeration).
It makes complete sense that he would host films biggest awards show, the Academy Awards, this fall.
This is an effort to return to basics — in other words, have one funny act head up the entire ceremony. In years past, the Academy has experimented with different hosting ideas, without much success. The tipping point was this year that saw actors James Franco and Anne Hathaway emceeing what many called a disastrous show.