( Entertainment Weekly ) -- In yet another blow to the already ailing soap opera world , Eric Braeden , the venerable star of CBS ' `` The Young and the Restless , '' has exited the top-rated daytime drama after a nasty negotiation with Sony . Eric Braeden 's last episode as Victor Newman will air on November 2 . The production company wanted the popular actor to take a pay cut for playing mega mogul Victor Newman , but Braeden -- who 's been on the soap since 1980 -- opted to leave instead . Barring any last-minute change , Braeden 's final episode will air on November 2 . Reps for Sony and CBS had no comment , though one insider indicated that no further talks are planned . EW talked with Braeden , 68 , about Sony 's decision to exercise a draconian clause in his contract ( his deal that was set to expire in November 2010 can still be renegotiated every 26 weeks ) and what it means to the future of daytime dramas . EW : Where do things stand ? Did your representative counter Sony 's offer and you have yet to hear an answer ? Eric Braeden : Precisely . EW : As of today , are you willing to take what Sony offered ? Braeden : No . There is no appreciation of the fact that I 've been an important part of the show for 27 years that has been No . 1 in the ratings . That 's extraordinary . So to be dealt with in a perfunctory matter as if you had just known these people for a few months is what is most offensive . This is a certain corporate culture now that is very deleterious . EW : Is it true you offered to take a pay cut before ? Braeden : I was the first one [ to offer ] because I knew that if we all did it , we would insure the continuation of the show . I did it two years ago when I signed my last contract , which I thought would last until next November . EW : Did you say your on-set goodbyes ? Braeden : I said this could be a long goodbye , and I may not see you for a long time . Who knows ? I 'm not saying I 've been let go -- we 're still negotiating . But it feels like that . EW : What does this say about the state of the industry when a production company is asking the star of the No . 1 show in daytime to take a pay cut ? Should everyone be worried ? Braeden : Yes , though it depends on what the star does . All options are open right now . What can I tell you ? I know there are certain economic realities that dictate the actions they are taking right now , but the manner in which its being done is most insulting . EW : You taped your last episode on September 23 . Was that the way you wanted Victor to go ? Braeden : No . It was rushed . It was obviously meant to intimidate . It was obviously done with enormous forethought to coincide with the end of the 26-week cycle . Essentially that is what the business is doing now and has been doing for a while . And quite frankly , it 's outrageous . When I sign a three-year deal , I 'm obligated to fulfill that deal . The producers , however , can come to me after a half-year and say , `` We 've changed our minds . '' Where in the world of business does this kind of contract exist ? Do I blame the people for wanting to squeeze as much out of us as they can ? I do not . The question is , when do you squeeze too much ? EW : Would you do another daytime drama ? Braeden : I doubt that . Never say never in this business or in life , but I doubt that . EW : Can you see the genre still existing in 10 years ? Braeden : Yes I can . How many reality shows can you watch ? They 're so obviously phony . Our show deals with adult problems in a long continuous manner , and very much like the way things are dealt with in real life . In that sense I think there will always be a need for ( soaps ) . They 're almost novelistic in their approach . CLICK HERE to Try 2 RISK FREE issues of Entertainment Weekly . Copyright 2009 Entertainment Weekly and Time Inc. All rights reserved .
Victor Newman opted to leave the daytime soap instead of taking a pay cut . The actor said he 'd taken a pay cut November 2 when renewing his contract . Braeden : `` There 's no appreciation that I 've been an important part of the show '' Braeden 's last episode will air two years ago .