Networked integrated sensing and communication (ISAC) has emerged as a pivotal paradigm for next-generation wireless networks, where dedicated target monitoring terminals (TMTs) can be extensively leveraged for their low-cost flexible deployment and capability to facilitate bistatic and multistatic sensing. Nevertheless, the coordinated beamforming design for networked ISAC tailored for time-of-arrival (ToA)-based multi-TMT localization remains largely unexplored. To address this gap, we present a comprehensive study in this paper. Specifically, we first establish signal models for both communication and localization, and, for the first time, derive a closed-form Cramer-Rao lower bound (CRLB) to quantify the localization performance. Leveraging this CRLB, we formulate two optimization problems focusing on sensing-centric and communication-centric criteria, respectively, to thoroughly investigate the fundamental communication-localization trade-offs. For the sensing-centric problem, we develop a globally optimal algorithm based on semidefinite relaxation (SDR), applicable to scenarios where the number of BS antennas exceeds the total number of communication users. In parallel, for the communication-centric problem, we design a globally optimal algorithm for the single-BS case utilizing bisection search. To address the general cases of both problems, we propose a unified and efficient successive convex approximation (SCA)-based algorithm, which is further extended to multi-target scenarios. Finally, simulation results demonstrate the effectiveness of our proposed algorithms, reveal the intrinsic trade-offs between communication and localization, and further show that deploying more TMTs is more beneficial than deploying more BSs in networked ISAC systems.