Production on the program is to begin in the spring. It is based on the harrowing, Texas-set, true story of the 1993 FBI siege of the Waco compound belonging to the Branch Davidians, a religious sect, which resulted in a deadly shootout and fire.
Shannon will play lead FBI negotiator Gary Noesner, while Kitsch will portray infamous cult leader David Koresh.
"We've been working with our friend Kevin Kay at Spike for years. He has a rare gift for creating quality scripted television with commercial appeal and when he shared his vision for both the program and his goals for the network I knew we had found the perfect partner," Harvey Weinstein, producer and co-chairman of The Weinstein Co., said in a statement. "Waco is a provocative series where the drama and excitement are amplified by the truth and the history surrounding the event, along with a cast of amazing actors including the incredible Michael Shannon and Taylor Kitsch. We are looking forward to working with Sharon Levy and her team to bring this story to life."