Brands to be promoted through the deal include SlimFast, Vaseline, Dove, Pond's and Snuggle. The agreement covers cross-platform advertising, direct marketing and developing international marketing opportunities. The two companies have also agreed to share information on new technology and establish a team to find new business opportunities.
Charles Strauss, president and CEO of Unilever United States, described the deal as groundbreaking.
"Our two companies will work together, both in the US and in Europe, on customising brand growth and marketing strategies to drive our leading brands," he said.
The agreement will build on a relationship the companies have had since 1998. Bob Pittman, co-chief operating officer of AOL Time Warner, said the agreement would take the relationship to "the next level and reach more consumers more efficiently than ever before".
Since October, AOL has also signed multimillion-dollar marketing agreements with Kellogg, Motorola and Burger King.
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