Not a lot to comment on yet — still need to parse the implications. But here’s a streamlined version of the press release:

Zillow.com and the Zillow Newspaper Consortium of 11 major newspaper companies announced the formation of the nation’s largest online real estate advertising network — reaching more than 63 million(1) monthly unique visitors, and with a focus on home buying, selling and home-related commerce.

Sales teams for both Zillow and those papers will sell each other’s advertising.

Local newspaper advertisers will be able to reach Zillow’s national audience. Zillow advertisers gain access to the local audience.

For example, a San Francisco furniture retailer could now target the 750,000 Zillow visitors who research San Francisco Bay Area homes each month on Zillow.com, while simultaneously reaching the online audience of The San Francisco Chronicle.

The newspaper companies participating in the ad network include Hearst Newspapers; Lee Enterprises, Incorporated; Media General, Inc.; MediaNews Group, Inc.; Morris Communications Company, Philadelphia Media Holdings; and The E.W. Scripps Company. Newspapers include major market dailies such as The San Francisco Chronicle, Houston Chronicle, San Jose Mercury News, The Tampa Tribune, The Philadelphia Inquirer and the St. Louis Post-Dispatch.