UPDATE: Soap Gets Renewed... And Exec Inks New Deal!

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Good news for fans of THE YOUNG & THE RESTLESS: CBS has announced that daytime's top-rated soap has been renewed! "TV's #1 daytime drama has been renewed for three more years!" the network announced via its Twitter page. A spokesperson for the network confirms that Y&R has been picked up through the 2013-14 season.

"This is the most awesome news!!!" co-executive producer/headwriter Maria Arena Bell posted on her Facebook page. "Huge vote of confidence for the show -- it's doing great! So there goes the "this business is dying" theory! Plus... I've got a new deal too!!!!!! So I'm staying with Y and R people!"

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