Newspaper publishers are holding their breath that 17 people jammed into an office in Chicago can come through for them.

That’s the size of the staff at a new company called quadrantOne, an online advertising network created by four of the largest U.S. newspaper companies, Tribune, Gannett, Hearst and The New York Times Co.

The idea behind the company is that national advertisers who want to place ads on local Web sites can do it with just a single call to quadrantOne, since the publishers all own a variety of papers in local markets.

If the idea sounds familiar, that’s because it should. Publishers have become quite happy to work with one another lately, teaming up to protect their business against declining readership and advertising. Already, a group of newspapers are working with Yahoo to sell ads on local newspaper sites.

Try as they might, publishers continue to face a tough road. The New York Times, for instance, announced on Thursday that it will cut 100 newsroom jobs in the face of poor industry fundamentals and a weakening economy.

The seas are just as rough — or rougher — over at the Los Angeles Times. On the same day the New York Times announced the layoffs, its west coast rival named its fourth editor in three years. Russ Stanton, who previously led the newspaper’s digital news report, will replace James O’Shea, who was fired in January after clashing with his boss.

With all the upheaval in the publishing industry — and no sign that things are going to get easier — those 17 staffers at quadrantOne better be darn good at their jobs.

Keep an eye on:

• Microsoft’s intended takeover of Yahoo would instantly raise its profile in the burgeoning mobile Internet by adding Yahoo’s range of on-the-go services to its mobile unit. (Reuters)
• Six U.S. film studios have filed civil complaints against Chinese file-sharing firm Xunlei Networking Technology Co Ltd, part-owned by Google Inc, for copyright infringement and are seeking more than 7 million yuan ($1 million) in damages and costs. (Reuters)
• Major U.S. television networks proved wrong predictions the screenwriters’ strike would thwart their spring upfront presentations, announcing plans to proceed with the biggest advertising week of the year (Reuters)