Both series will be available through Hulu and iTunes
Presided over replacement of "Guiding Light" with "Let's Make a Deal"
Soap site says network wants to cut 20 episodes each from "All My Children," "One Life to Live" and "General Hospital"
Hasselhoff will reprise a role he last played nearly 30 years ago
In the latest blow to daytime dramas, he'll leave Pine Valley later this year