News Corp., via MySpace, acquired photo/video sharing site Photobucket back in 2007 for $250 million, plus a $50 million earnout. We’ve now learned through a source with knowledge of the deal that MySpace is in the process of selling at least a majority interest in Photobucket. The likely buyer? Disney-backed Ontela, a Washington state startup.

Photobucket has grown steadily since the acquisition, and currently brings in 54 million worldwide users each month (Comscore). But MySpace never integrated with Photobucket, keeping their own separate photo and video platforms.

It’s been little more than a side show ever since the acquisition, and the founders have left to do other projects. With News Corp. scrambling to fix up its digital division, it’s no wonder Photobucket has been on the chopping block.

Best of all, the deal will bring in new cash to News Corp.

It’s not clear that the final terms have been worked out. But our source tells us that News Corp. will sell a majority stake in Photobucket, retaining some equity. If Ontela is the buyer, the merged company