The contract, reportedly a seven-figure one, is with the duo's company Seed Productions.
The plan for the company is to produce a variety of TV projects, from scripted comedies and dramas to reality shows.
"Viva Laughlin!" is billed as "a mystery drama with music about eternal optimist and freewheeling businessman Ripley Holden, whose sole ambition is to run a casino in Laughlin, Nev." Contemporary songs will be used in the series that is based on the BBC show "Viva Blackpool."
The cast features Lloyd Owen, Mädchen Amick, Eric Winter, DB Woodside, P.J. Byrne, Ellen Woglom and Carter Jenkins. Jackman and fellow stage veteran Melanie Griffith (Chicago) both make appearances in the show.
CBS is scheduled to air a special preview of the new show Oct. 18 at 10 PM with the premiere slated for Oct. 21 at 8 PM. (All times ET. Check your local listings.) For more on the series, visit cbs.com/primetime/viva_laughlin. Jackman earned a Tony Award for his turn in the Broadway musical The Boy From Oz. He is also known for his film roles in the "X-Men" trilogy and "Someone Like You," "Swordfish," "Kate and Leopold," "Van Helsing" and the recent "The Fountain" and "Happy Feet" (in voice). His stage credits also include Trevor Nunn's staging of Oklahoma! at Britian's National Theatre and award-winning work in productions of Sunset Boulevard and Beauty and the Beast in his homeland.
"Hugh and I are both led by our curiosity," Palermo told the trade publication. "We have tons of interests, and we're not interested in making shows that are expected."
Seed is currently working on a number of projects, including the film "The Tourist" (with Jackman and Ewan McGregor) as well as "Wolverine" — the "X-Men" spinoff film — and a new take on Carousel.