SHOCKER: Don Diamont out at The Young and the Restless after more than 20 years

Long-time Y&R vet, Don Diamont, has been let go. The decision to axe the 20-plus-year veteran was said to be motivated by the show's bottom line. Like many soaps, The Young and the Restless is having to make cuts to stay afloat in these difficult economic times. A show spokesperson would not confirm when fans will last see the actor.

In times of economic crisis, even television's top-rated daytime drama series is not immune to money woes. The Young and the Restless, like so many other soaps, is being forced to trim its costs. In a stunning move, the show has decided to cut from its roster a star who has been with the show for nearly a quarter of a century.

Though the network has so far declined comment, Soap Central has learned that Don Diamont (Brad Carlton) will exit the show in early 2009. And if what two sources are telling Soap Central is true, the actor's exit will be permanent -- very permanent.

Diamont joined the cast of The Young and the Restless in 1984 and remained a central player through 1995. The actor took a three-year break from the show, in which he completed several feature films, but ultimately returned in June 1998. He's been a member of the cast ever since. In 1990, Diamont was named one of People Magazine's 50 Most Beautiful People.

There are already message board rumors hinting that Diamont might transition from Genoa City to Los Angeles, the setting of The Bold and the Beautiful, as actress then-fired Eileen Davidson (Ashley Abbott) did in 2007. While the actor might find work there, it is unlikely that he would appear as Brad Carlton. Y&R's writing team is reportedly gearing up to kill off Brad. The plot twist will kick off a storyline that will keep Brad's family in the forefront of the show for quite some time.

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"We appreciate the many years Don spent on Y&R and we wish him the best of luck in the future," a show spokesperson said in a statement.

Diamont makes his final appearance on February 5.

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