Did Gray Lie To Investors?

In the Q3 earnings report (https://graytv.gcs-web.com/static-files/f70cb430-8655-46a5-aaff-2b23ddd1f2bb), to shareholders, Gray Television said that while it underwent 'cost containment initiatives', it will continue to produce local newscasts with local journalists in all local markets, even the small ones. But it has shuttered the news department at their Fairbanks station.

Newscasts were also cut in Dothan, Charlottesville, etc.

If Gray didn’t outright lie, it certainly seems like deceptive language.