Bad news from ABC News: The network is set to undergo a serious round of cuts that would reduce the size of the newsroom once anchored by Peter Jennings, and that now stars Diane Sawyer, by up to 20 percent. Accompanying the job cuts is a transformation of the network’s current approach to newsgathering. Sources indicate that weak advertising in today’s economic climate has executives opting to weed out any unnecessary jobs from the newsroom, with many of those who remain after the cuts being left with the dual roles of producers and talent (a trend among media outlets today). The cuts will start Wednesday morning, with employees being asked to accept buyouts. If not enough volunteers emerge, then layoffs are likely to follow. Anxiety has crept into the newsroom at ABC, with employees not only fearing for their jobs but for the network’s ability to generate scoops and effectively cover major news events. It’s a trend that has caught fire within the industry, with CBS News cutting 90-plus jobs this month as both networks seek to jump on the digital journalism bandwagon before it’s too late.