UPDATED, 8:16 PM: “Ain’t gonna be no rematch.” “Don’t want one.” Well, we know how that exchange between Apollo Creed and Rocky Balboa turned out. Now there’s going to be a reunion. The Santa Barbara International Film Festival said tonight that Carl Weathers, who played the heavyweight champ — and eventual ex-champ — in the first four Rocky movies, will present Sylvester Stallone with the Montecito Award.

PREVIOUSLY, January 26: Sylvester Stallone, who has been on an awards-Pete Hammond badgeseason roll of late with Golden Globe and Critics’ Choice wins and an Oscar nomination for Best Supporting Actor for his role as Rocky Balboa in Creed, has been announced as this year’s recipient of the Santa Barbara Film Festival’s Montecito AwardGiven to “a person in the entertainment industry who has made a great contribution to film,” it will be presented at a tribute and ceremony February 9 at the Arlington Theatre.

“Sylvester Stallone’s  performance in Creed has reminded us ofImage (1) santa-barbara-film-festival-logo__130103014531-200x150.jpg for post 395723 what a true talent he is and what a joy it is to share in his successes as the many beloved characters he has created…He is a true legend in our field, and it is our privilege to present him with the Montecito Award, and to continue to honor his legacy,” said SBIFF executive director Roger Durling. Stallone is one of only six people in Academy history to be nominated for playing the same role in two different films.

Past recipients of the Montecito Award include Jennifer Aniston, Oprah Winfrey, Daniel Day-Lewis, Geoffrey Rush, Julianne Moore, Kate Winslet, Javier Bardem, Bill Condon and Naomi Watts. I will be moderating the evening. The festival opens February 3 with the U.S. premiere of The Little Prince and continues through February 13.