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The former CSI star was due to make his TV comeback in the drama, which would see him play a veteran hitman.
However, the 59-year-old actor has quit the project following a disagreement with his fellow producers, according to Deadline.
He was due to executive produce alongside ex-AMC exec Peter Macmanus, Cynthia Chvatal (CSI). GK-TV's Graham King and Tim Headington (Camelot).
Hurt People was picked up to pilot by Cinemax in April - it is currently unclear what impact Petersen's departure will have on the project.
Other projects in the works at Cinemax include crime thriller Banshee from True Blood's Alan Ball and a TV series based on the Transporter film franchise.
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