#!/bin/bash

ls -1 Modern* | while read FILE
do
        $dir=`cat /media/Data/Fix/file_list.txt |grep "$FILE"`
        echo $dir
        #echo `sed -i 's/$FILE//g' $dir`
done


Output:

/Share/TV/Modern Marvels/Season 12/Modern Marvels - Horsepower.mpg

Desired Output:

/Share/TV/Modern Marvels/Season 12/