“Under the Boocoo.com business model, ZIP codes are ‘licensed’ to newspapers and other media partners who then have the exclusive right to split transactional fees generated by the auction site,” according to Editor & Publisher. “If the buyer and seller are from different ZIP codes, the fee is split. If they are from the same ZIP code, the newspaper keeps the entire transaction fee.”

The program was developed by Ranger Data Technologies, which says it has licensed 20 percent of the approximately 29,700 residential ZIP codes in the U.S.

Media Daily News says the service will initially have a total print audience of 22 million readers.

Listing fees start at $0.20 for items priced $9.99 or under, and range up to $1.60 for items priced $200 or more, with Boocoo charging the seller 6 percent of the final price up to the first $1,000.

The site will be activated on newspaper and other media sites today prior to a national launch June 21.

Boocoo.com was featured in the April 2010 print edition of E&P.

“Beyond the fact that classified ads in this specific industry have disappeared, though, job ads — just like everything else that’s a classified ad — have been migrating to the Web. Just another Craigslist casualty. ”

Meanwhile, the news media is all over the death of its most significant trade publication. “The news made the home page of The New York Times, received lengthy reports in The Washington Post, the Associated Press, and other leading papers, along with NPR, CBS News, and other leading outlets, along with hundreds of Web sites and blogs,” says E&P.

“E&P staffers received 1,000 or more emails — many from well-known media figures — expressing shock and/or support, some pledging to send money for print or online subscriptions to keep the magazine going. E&P Editor Greg Mitchell was quoted by numerous outlets declaring that the wide show of support gave him hope that someone or some company would step forward and maintain the operation in some form.”