CNBC's Pisani: Rough Times For Newspapers

How tough is the newspaper business? Very tough. McClatchy--which bought Knight Ridder earlier this year--said November ad revenues fell 4.7%.

Newspapers have been hit with a double whammy this year: 1) fewer people reading newspapers, and 2) an ugly year for auto and home sales has meant less advertising from those two critical sources.

McClatchy says they don't have enough visibility to project revenue trends into the second half of 2007.