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There's good news and bad news on the CBS soap opera front. The good news is that The Young & the Restless has been renewed for two years. The bad news is that As the World Turns could be axed just like Guiding Light.

The Young & the Restless is CBS daytime's top rated soap. It's been number one in the Nielsens for nearly 20 years running. So the renewal wasn't a big surprise. However, the pick-up came with a warning to cut costs, tighten the budget and, basically, don't expect the stars to get big raises anytime soon. In the past year alone, two of the veterans -- Melody Thomas Scott and Jess Walton -- opted to take less money when the show threatened to write them out or recast. Welcome to the brave new world of daytime!