Also cast in the series are Monica Potter, Griffin Dunne, Sarah Clarke, Mike Damus and Geoffrey Arend.
The executive producers for the drama will be the creators of the hit TNT series "The Closer."
The cable television network said the new show "centers on two highly creative ad executives whose professional partnership and friendship are put to the test when one is named creative director of their firm."
TNT said it has ordered 13 episodes of the series, which is slated to premiere next year.
"'Truth in Advertising' takes place in the high-pressure world of advertising, but it's really a story of friendship and values and how those things are strained by the often conflicting demands of work and family," TNT's Michael Wright said in a statement. "Eric and Tom play two fascinating, compelling and always interesting men whose unique friendship and working relationship is the core of the show. We are thrilled to be working on this superb drama with the creative talents who brought us 'The Closer.'"