Yes. Assuming they think they can explain their actions to all the commercial advertisers that paid for time slots in specified viewing timeframes and dates for contracted lengths. If they can swing it and convince the sponsors that going off the over-the-air broadcast frequencies to another area entirely, that is entirely within their prerogative.
Of course, I would not recommend such an action to any company as a here-today-gone-tomorrow change. More likely a period of months if not years with an overlapping timeframe of dual broadcasts in the old and new mediums to allow viewers to adjust would be called for, then ceasing functions in the old medium. Assuming the company actually wishes to continue as a viable BTV (Broadcast TeleVision) company, that is.
I don't get it. I get local stations via cable now. No one in my area is still on antenna. The signal's lousy. And I don't see those old TV antenna on all the houses and buildings in the city, they're mostly on cable now too... not because they have to be, but because people want cable for the additional channels. Those still on broadcast signals have to be few. So what's the difference between being a local cable station and being a local broadcast station?
I think the time of broadcast TV reception is already over.