AOL’s Patch To Receive $50 Mil Investment; Meanwhile, TMZ’s Down Year, the hyperlocal journalism outfit AOL bought last year for $7 million, is set to receive a $50 million investment from its parent company in 2010, paidContent reports.

This will surely help the site’s mission to expand from 15 “patches” to “hundreds” by the end of the year.

Meanwhile, TMZ, which is no longer part of AOL but was until the spinoff late last year, had a down year: it brought in less revenue in 2009 than it did in 2008 or 2007. We hope this doesn’t signal a trend, though sometimes it does feel as if all online properties can only be milked for a few years before they become tired and unprofitable. (Not that TMZ is; it’s just that revenue is lower.) We always like to hear about hiring outfits even if they’re celebrity news sites, eh?