Eric Braeden Signs New Deal With 'Y&R'

Eric Braeden has inked a new deal with Sony and will return to ‘The Young and the Restless’.

Eric Braeden (Victor Newman), who just last week had halted all talks with Sony over negotiations for a new contract with The Young and the Restless, has apparently inked a new deal with the show. EW.com reports that while details of his new contract haven’t been released, their source reveals the actor accepted a pay decreasse in exchange for a new three year deal.

Josef Adalian of TheWrap.com broke news of Braeden’s re-signing earlier today. Due to budget cuts, the cast and crew of the CBS soap were told they would all be expected to take pay reductions. Braeden, one of the first cast members to take a pay cut two years ago (in good faith mind you), was allegedly asked to take a half-million pay cut said Adalian on TheWrap.com. As initially reported, instead of taking the cut, the actor decided to walk. Earlier this evening, TV Guide Canada’s Nelson Branco confirmed Adalian’s story on Twitter, writing: “Eric’s PR, Charles Sherman, CONFIRMS to SUDS REPORT that Eric just re-signed this afternoon with SONY.”

Entertainment Weekly featured a statement from CBS regarding Eric Braeden. “We’re very happy that Eric will be remaining with ‘The Young and the Restless,'” the statement read. “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.”

Head writer and executive producer Maria Arena Bell also released a statement, “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’.”

Braeden joined the soap in 1980 as business tycoon Victor Newman, one of daytime’s most iconic roles. A German immigrant who came to the United States in 1959, Braeden was once awarded the Federal Medal of Honor by the President of Germany for promoting a “positive, realistic image of Germans in America.” The former semi-pro soccer player has appeared in the blockbuster film Titanic and Escape From the Planet of the Apes, as well as in television shows such as The Nanny and How I Met Your Mother.

Braeden’s last airdate was to have been November 2. For more on this news, please read Entertainment Weekly’s report, featuring exclusive comments from Eric Braeden.