AOL said today that seven brands have signed on as founding partners for its new display advertising format called “Project Devil.”

Found partners include General Mills brands Cheerios, Pillsbury Crescents, Lexus, Macy’s, Procter & Gamble’s Olay, Sprint, and Unilever’s Suave Professionals.

The Project Devil ad format launches today on AOL’s Moviefone site and StyleList site before being introduced on other AOL properties. The new format offers a large ad space divided into interactive panels, allowing advertisers to customize different streams of functionality within one interface.

Within the unit, there are three panels that can be customized with media streams and applications including video, slideshows, mapping, 3-D rotation, quizzes, polls, text messaging and other options. Every ad is interactive, eliminating the need for consumers to navigate away from the page to explore its features.

“More than just a new ad unit, this is a re-imagining of the intersection between content, advertising and the consumer experience,” said Tim Armstrong, AOL’s Chairman and Chief Executive Officer.

“Project Devil addresses the traditional limitations of online advertising head on to create ads that look better and work better for agencies and advertisers. It raises the standard for publishers and advertisers to improve the experience for consumers.”