Eric Braeden stays put on 'The Young and the Restless'

Sony has confirmed that it signed a new deal with Eric Braeden to keep the soap opera veteran as Victor Newman on The Young and the Restless. Braeden, 68, was preparing to say goodbye to the show that he called home since 1980 after the production company demanded that he take what he described as a ”substantial” pay cut to his seven-figure salary. Terms of the new deal were not released but a source familiar with the negotiations said the actor ended up accepting a pay decrease in exchange for a new, three-year pact.

Speaking exclusively to EW.com, Braeden said he and Sony returned to the negotiating table today and settled the deal amicably (he declined to comment on the specifics). “All’s well that end’s well,” Braeden said. “Both sides were reasonable. We were both satisfied with the outcome. This business is tough.”

Braeden is not sure when he’ll return to the set because the writers have to figure out how to write him back into the show. Asked to explain how his character was going to leave in the first place, Braeden said executive producer/head writer Maria Arena Bell had Victor “going off to rehabilitation.” The notion makes him laugh now. “It was rehabilitation … from the negotiations,” Braeden said, chuckling. “He’s been cured miraculously! Miracles do happen. A week ago, I didn’t think they would.”

CBS released the following statement: “We’re very happy that Eric will be remaining with The Young and the Restless. Victor Newman has been an important part of the Genoa City canvas for nearly 30 years, and we know our audience will be tuning in to see what his plans are next.”

Bell released her own statement, as well: “We are thrilled to have Eric Braeden continue as the one and only Victor Newman. We look forward to his timely return … and we are delighted that Eric will continue his extraordinary work on The Young and the Restless.’”