AOL, the struggling internet portal, is touting a new digital advertising unit called the IAB Portrait, which it hopes the broader digital media industry will adopt as a new standard.

On Tuesday, Hearst Magazines Digital Media, part of publishing titan Hearst Corporation, said it would become the first publisher to begin deploying the new display ad format — formerly known as Project Devil — using AOL’s Pictela platform. AOL acquired Pictela, a two year-old New York City startup, for an undisclosed amount last December.

AOL’s mission here is two-fold. First, the company is forging ahead with w...