"The attendance of non-sport journalists at recent match week media events has caused significant disruption to regular attendees, who have been negatively impacted to the extent that they have been unable to access sufficient information and content for the days leading up to that week's game." an Ulster Rugby statement read.
Flyhalf Jackson and centre Olding had their contracts torn up after an internal review by the IRFU followed their acquittal.
Jackson and Olding had their contracts revoked "with immediate effect" at the weekend. Jackson was also unanimously acquitted of sexual assault.
A third player Craig Gilroy, who was not involved in the trial, was suspended for two weeks for sending one of the offensive messages that was outlined to the court.
Terrible nouvelle pour Michy Batshuayi — Borussia Dortmund
L'attaquant international belge du Borussia Dortmund Michy Batshuayi ne terminera pas la saison à cause d'une blessure. Il sera absent jusqu'à la fin de la saison.
"We have taken on board everybody's views right across society, right across our supporter group, our sponsor group, our players, clubs, volunteers, we are part of society".
ULSTER AND IRELAND hooker Rob Herring has said that the Ulster players felt "a great deal of sadness" when they learned that Paddy Jackson and Stuart Olding had their contracts revoked by the northern province, but added that they felt both "will be successful wherever the end up".
The IRFU and Ulster cited their need to remain committed to their core values of respect, inclusivity and integrity.
In statements following their departures, both Jackson and Olding said they were "disappointed" and had "deep regret" over the decision.
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"The decision itself was probably the decision that had to be made, given the public pressure that was mounting and the sponsorship issue", he said.
He told Newstalk's Off the Ball programme: "I think from the IRFU perspective, I think they were left with no option but to sever ties with Stuart and Paddy".
"Quite a vague statement has been brought out. I'm glad to take the opportunity to dispel that myth", he said.
Mr Wallace said Ulster Rugby now has an opportunity to rebuild itself as a brand and for the players to move on.
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Chief Executive Shane Logan has denied that a culture of misogyny exists at Ulster Rugby and insisted that the culture at the club is actually "very healthy".