LOS ANGELES (TheWrap.com) – “The Young and the Restless,” network television’s number one daytime drama, will be moving it’s day-and-date encore episodes from Soapnet to TV Guide Network this summer.
This marks the first synergistic programming move since CBS Corporation acquired 50 percent stake of TVGN. “Y&R,” which airs weekday afternoons on CBS, will continue to air its reruns in the 7 p.m. time slot, the cable network announced on Wednesday.
Produced by Bell Dramatic Serial Company in association with Sony Pictures Television, “Y&R” has been airing new episodes on CBS since 1973. The Daytime Emmy-winning soap revolves around the rivalries and romances of the residents of the fictional Midwestern metropolis, Genoa City.
The series’ evening broadcast on Soapnet has been the channel’s most popular program for five consecutive years.
CBS announced its purchase of One Equity Partners’ 50 percent stake in TVGN last Tuesday, making CBS a partner with Lionsgate, who owns the other half of the basic cable channel.
Although exact details of the deal were not divulged, an individual with knowledge of the deal told TheWrap that the purchase price was in the $100 million to $120 million range.