"BT will be working with Seven and undergoing some education and counselling in this area.
"We apologise, he apologises, and it was a very bad moment last night on TV."
Brian Taylor was part of Seven's pre-game coverage on Saturday night.
After watching footage of the Geelong defender being chaired off the field following his 150th match last week, the Seven commentator described the incident as "crap".
"I've just seen that crap from Harry. He's a big poofter," Taylor told viewers.
"I mean, give them this one Harry," Taylor added, making a rude gesture.
"You can't be doing the old royal wave. Next thing you'll have your mum and dad out there."
Brian Taylor apologised during the halftime segment of Saturday night's show.
"I said something that I regret and I sincerely apologise in regard to Harry Taylor and anyone and particularly Harry and any of his friends that were offended by the remark," Taylor said.
Seven's Melbourne managing director Lewis Martin said in a statement: "Comments such as those made last night are unacceptable and should not and will not be tolerated.
"Brian has been censured, and will be supported through counselling and education to ensure this mistake will never happen again."