Photobucket is expected to lay off 35 staff, while the remaining jobs cuts will be spread across Fox Interactive Media's other digital properties.
Fox Interactive Media has nearly 3,000 staff, of which about half are from MySpace. The company also owns the likes of GameSpy, AskMen, Fox Audience Network and Fox Digital Publishing Group.
The company acquired Photobucket in 2007 for $250m (£150m).
In January, Fox Interactive Media announced it was cutting 5% of its workforce, or about 100 staff, which again dealt the hardest blow, eventually shedding about 20 jobs. A significant number of jobs were lost in its corporate offices as well.
The company has been busy restructuring and trimming staff since News Corp's head of digital Jonathan Miller took over in April.
However, the company has indicated that it will not freeze staffing levels, with many websites still hiring new employees.
Fox Interactive Media, which owns MySpace, announced it was slashing 420 jobs in the US earlier this month.
Last week it said an additional 300 jobs would go at MySpace's 23 international offices, which include London, Paris, Berlin, Sydney, Mexico City, Sao Palo and Tokyo.
Owen Van Natta, MySpace CEO, said at the time that staffing levels at the company were "bloated" and "hindered our ability to be an efficient and nimble team-oriented company".
The MySpace cuts represent about a third of its US staff and more than two-thirds of its international staff.
A Fox Interactive Media spokesman said: "As part of our continuing review of the FIM business units, employees were informed of job cuts today at several of our sites.
"We made these cuts to ensure that our resources are aligned properly with out business goals, and at a scale that will enable u s to operate as efficiently as possible."