Adding the final leg of its new strategy to reinvigorate AOL, the Time Warner online unit said it was buying two small local start-ups, Patch Media and Going.

Each acquisition–which focus on hyperlocal community news (Patch) and events (Going)–is small, about $10 million.

Ironically, local has previously been a big arena for AOL, which launched its Digital City unit with great fanfare more than a decade ago. AOL still runs Digital City, as well as its CityGuide listing offering.

But, in a move that will surely be scrutinized, Patch is a company whose principal investor has been AOL’s new CEO Tim Armstrong. AOL declined to say how much he had invested in the company, but sources said it was less than $5 million.

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Last week, Walt Mossberg and I interviewed entrepreneur, high-definition television fanboy, dancing fool and reliable gadfly Mark Cuban at the seventh D: All Things Digital conference.

After our onstage interview, BoomTown also got him to be more specific about his thoughts on a variety of things he discussed, including Google’s underwriting of its YouTube video subsidiary, the problems with broadband and the Internet as a “utility.”

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Yahoo’s SVP of Northern American Audience, Jeff Dossett, is leaving the company.

Reasons for the departure are personal, said sources, who said that Dossett is most likely to do a start-up.

Dossett did not return emails asking for comment, but Yahoo confirmed his resignation to BoomTown.

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BoomTown will be driving the minivan–packed with my assistant Ed, my mom, two mannequins (don’t ask), a coffee machine and lots of coffee and some very nice outfits–down to the seventh D: All Things Digital conference today, so don’t expect much in the way of posts from me.

Thus, I hope Twitter doesn’t sell to [fill in the blank], Yahoo CEO Carol Bartz and Microsoft CEO Steve Ballmer don’t agree to agree (until they are on the D stage next week) and Facebook’s valuation doesn’t ricochet up and down the blog-hyped scale once again.

But the rest of the well-oiled All Things Digital machine will be in full force covering tech and media news, even as we gear up for the big event next week, which will feature pretty much all the major players in the digital space.

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That would be Walt Mossberg and his well-known Personal Technology and Mossberg Mailbox columns–as well as BoomTown, John Paczkowski’s Digital Daily, Peter Kafka’s MediaMemo, Katherine Boehret’s Mossberg Solution and video and pictures from our famous D: All Things Digital conferences.

Today, All Things Digital is introducing its very own app for Apple’s iPhone and the iPod touch, offering all the posts and columns you get on this Web site–including news, product reviews, analysis and video–from our crack team.

Just smaller and cuter.

So download us and take us along everywhere you go–ATD really enjoys long walks on the beach.

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While the current meme is that traditional journalism is getting the stuffing knocked out of it by the digital onslaught, it neglects to notice that a lot of really sharp news reporters are actually getting some real traction by finally starting to be serious about creating online sites that are designed to compete.

As case in point, BoomTown recently visited the offices of TheWrap.com, a Web blog aimed at dominating breaking news about the business of Hollywood and the entertainment industry.

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While in Los Angeles today at the AlwaysOn OnHollywood conference, BoomTown ran smack into blogging empress Arianna Huffington.

She was there to give a speech called “Video Killed the Radio Star…But Can the Web Actually Save Journalism?”

Her answer was a decided yes, especially with great journalists working online, such as the new managing editor of the Huffington Post the mega-blog has just hired.

That would be former CNET Networks Editor-in-Chief Jai Singh, who quit the company last year after a dozen-year run.

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Actor Ashton Kutcher crossed the million-follower-on-Twitter line at 11:12 p.m. PDT, beating CNN.

Kutcher simply tweeted: “Victory is ours!!!!!!!!

The CNN cable news channel passed the million mark soon after, but was still second.

The race was getting close as midnight neared on the West Coast.

Not a real race, but a race of the Twits.

Kutcher vs. CNN was a race to get one million “followers,” those who sign up to receive a person’s or organization’s tweets on the hot microblogging service.

Now, I am worried about what Kutcher–whose Twitter handle is aplusk–will do with his one million minions. Order us all to play idiotic practical jokes on people? Rent Demi Moore movies, even the unwatchable ones (”G.I. Jane” anyone?), over and over? Get 1970s mullets?

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BoomTown read a ton of the various columns reacting to the Associated Press’s announcement of a new initiative to–as near as I can tell–stop the Internet from being the Internet.

I tease, as it is a lot more complicated than that. But AP board Chairman and MediaNews group CEO Dean Singleton seemed very exercised about his mission to “protect news content from misappropriation.”

It’s going to surely be an interesting debate, kicked off by a very curious quote Singleton gave to paidContent.org: “Print is still the meat. Online’s the salt and pepper.”

A tasty debate!

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Neeraj Khemlani, Yahoo’s general manager and executive editor of news, is set to leave his job–right in the midst of a major restructuring of its media unit–to work at Hearst Corp.

Khemlani’s departure could be announced to his staff at Yahoo as early as today.

While Khemlani was in line to head one of the three main prongs of the new content organization, running a possible network programming arm, sources inside and outside Yahoo said he instead has opted to take a job as VP and Special Assistant to the CEO for Digital Media at Hearst.

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Well-known pundit and entrepreneur John Furrier has a new blog called siliconANGLE, which went live yesterday and which he said will be a “collaboration blog for friends and colleagues.”

The site will cover the social Web and also tech trends, but Furrier said it will try for “deeper” analysis of the news.

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Will Yahoo’s media properties fall flat with sweeping new changes that are afoot that will drastically change the way the company bakes its content offerings?

Or will the ability to have a single, highly scaleable, centrally developed architecture make the media programming Yahoo delivers more responsive and flexible in the era of fast-twitch bloggers (all while cutting costs)?

According to many sources inside and outside the company, product development for Yahoo’s heavily trafficked media operations–including its powerful News, Finance and Sports sites–is set to be moved under Ash Patel, who is EVP of the company’s Audience Product Division.

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Recently, BoomTown had a lovely lunch with PBS new media blogger Mark Glaser.

Glaser is a longtime free-lance journalist whom I first noticed when he wrote a weekly column for the USC Annenberg School of Communication’s Online Journalism Review, post-Web 1.0 bubble, as well as for the most excellent “Media Grok” daily email newsletter for the now-defunct Industry Standard back in the midst of the froth.

He was always able to cut through that with a clear-headed tone–while maintaining a respect for what was good about traditional journalism, as well as an excitement about the possibilities of new media. Here’s a video interview I did with Glaser about where new media is today.

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According the latest meme to sweep the digerati over the last several days, here are the words that should make the brainiac satraps over at Google very, very nervous: “See what’s happening–right now.”

That’s the motto right below the box on Twitter’s search engine–which is essentially a light-blue-colored design rip-off of Google’s “I’m Feeling Lucky” mantra.

Posits the new theory: It’s Google that should perhaps not be feeling so lucky when it comes to Twitter search because it is becoming the place for what is now being called “real-time” search.

But the verdict on whether Twitter can kill the search star is still way, way out.

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Digg, the San Francisco-based news discovery service and one of Silicon Valley’s more prominent start-ups of late, said in its company blog today that it would cut its 75-person workforce.

A company spokeswoman told BoomTown the cut would be about 10 percent, but would not give out a specific number of employees to be let go.

In addition, Digg noted it would be aiming to cut costs and be profitable in 2009. It will also be hiring a direct sales team.

In other words, revenue does matter too, Web 2.0!

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