'Young and the Restless' scoop: Eric Braeden signs new deal -- EXCLUSIVE

Eric-BraedenImage Credit: Robert Voets/CBSGenoa City may be losing some attractive denizens (Goodbye Genie Francis! Farewell, Marcy Rylan!) but at least one longtime resident will continue holding court at the Athletic Club. Eric Braeden — aka Victor Newman to his fans, and The Mustache to his enemies — has signed a new deal with Y&R’s production company Sony TV that will keep him on the sudser for years to come.

“Very glad we got the negotiations successfully behind us,” Braeden said in a statement (which could certainly double as a terse little tweet). Terms of his multi-year deal were not released.

Braeden’s new contract should come as good news to fans who may be worried about new Executive Producer Jill Farren Phelps and how many roles she will cut to save the soap some cash. Earlier this month, she made the decision to bid farewell to Francis, who has played Genevieve Atkinson since May 2011. Rylan, aka Abby Newman, is also out the door.

More changes could be on the horizon.

“I’m going into Y&R not with a hatchet but with a scalpel in order to make it function as a more economical show,” Phelps told TV Guide earlier this month. “We have a cast of really wonderful actors but, at the end of the day, we need to look at the entire canvas and decide who is catching fire with the audience. And where can we create fire where there isn’t any?”

This appeared to be a rather uneventful renegotiation between Sony and Braeden, who has been on the show since 1980. In September of 2010, Braeden walked off the set of the soap after contract talks blew up with Sony. The production company wanted the actor to take a pay cut but he opted to leave, instead. Both parties made nice a month later.

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