Update: my sources indicate Schenk and two other on-air people who were let go have been re-hired.
Schenk was apparently told on Thursday to take a pay cut or walk, and he chose to walk. But something happened to change that. Conflicting reports as to which side made the first move, but the bottom line is that he's back at his old salary "for now." Allegedly, his pay cut will still happen at some point in the future, but he'll have ample time to either find something else or to adjust his spending habits accordingly.
As for the other two on-air people, I'm told the company fired and almost immediately re-hired both of them. Why? Apparently the union agreement at WSTM is very specific about what jobs people can or cannot perform. They were both originally hired as reporters. One has been rehired as a reporter/photographer (aka one man band) and the other as a reporter/producer.
Also heard a handful of photographers and master control people were let go on Friday. And there's been talks of some sort of shared-services agreement between WSTM and WTVH. Some sources say it's mostly a sales-related thing; some think it may even go as far as a merger between the two newsrooms.