Phew. That was awfully close.

After weeks of contentious negotiations and a public spat, Sony has confirmed that it's signed Eric Braeden to a new deal on The Young and the Restless.

Braeden himself was prepared to bid farewell to his beloved soap opera after it demanded he take what he described as a ”substantial” pay cut to his seven-figure salary. While terms of a new contract are unknown, sources say the actor has agreed to a three-year deal.

“We’re very happy that Eric will be remaining with The Young and the Restless,’” read a CBS statement. “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.”

Matt Richenthal is the Editor in Chief of TV Fanatic. Follow him on Twitter and on Google+.