by Elizabeth Lee

Posted Tuesday, July 30, 2008 10:02:36 PM

For a few days, rumors have circulated that another of As the World Turns' contract players had gotten the boot. As speculation about the star's identity grew, Jon Prescott (Mike Kasnoff) stepped forward to end the gossip: he'd been let go.

"I'd like to express my gratitude to the entire cast, crew and production team who have made this an irreplaceable experience," Prescott graciously posted. "I have been privileged to be a part [of] ATWT and this concludes an invaluable education."

Prescott reveals that budget woes brought about his exit. Despite losing his job, the Oakdale newcomer is taking the news well.

"I view my departure as a positive step forward," he wrote. "Stay tuned as I share my next creative challenge with you shortly."

Prescott joined the show in April 2008 as the third actor to play Mike since the character debuted in 1994. Previous actors to have appeared in the role include the "original" Mike, Shawn Christian (1994-1997), and Mark C. Collier. Collier, an Emmy nominee for his work on As the World Turns, joined the show in 2002 and exited in early 2007.

A spokesperson for As the World Turns confirms to Soap Central that Prescott is leaving the show, adding "He's not leaving until October."

Prescott last airs on October 1.