Ross Levinsohn, who was instrumental in News Corp’s acquisition of MySpace.com, has resigned from Fox Interactive Media to pursue other ventures.

He will be replaced in the position by his namesake Peter Levinsohn, who is a distant cousin. Peter is currently president of digital media for Fox Entertainment Group.

Ross Levinsohn has been credited pursuading Murdoch to buy MySpace, as well as IGN.com, and worked at translating the popularity of the social network site into advertising and other revenue streams, including selling Fox video content through the site.

According to Staci D. Kramer at paidContent.org, having built News Corp’s internet division from scratch, Levinsohn would rather go onto a new project than continue the day to day management of the division.

Meanwhile, Om Malik at GigaOM thinks that Ross is planning to raise capital to ‘buy and aggregate an online media property of high traffic sites’.

His replacement is an 18 year veteran at Fox, whose previous role was to manage and develop the TV and film network’s digital strategy. This has included creating revenue-sharing deals with affiliates of the Fox TV network , and negotiating deals to sell Fox’s films and TV shows through outlets like iTunes, Amazon, and MSN.