Fox Interactive Media (FIM) isn’t just ‘restructuring’ MySpace.  Yesterday, it went after Photobucket, cutting 1/3 of the staff over there.  The photo- and video-sharing site, which FIM bought for $250 million in 2007, had about 120 employees.

“As part of our continuing review of each 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 our business goals, and at a scale that will enable us to operate as efficiently as possible,” an FIM spokesperson said on Thursday.

This unfortunate news comes less than two weeks after FIM began layoffs over at MySpace, which ended up amounting to nearly 800 jobs lost.

FIM’s entire structure seems to be changing.  Beyond the job cuts at Photobucket and MySpace, FIM also laid off several people at IGN, a popular video game site.  In contrary though, IGN is actually looking to hire for several other positions.

Photobucket was founded in 2003 by Alex Welch and Darren Crystal.  The company is headquartered in Denver with offices in San Francisco.  It attracts 25 million unique visitors a month in the U.S.