WordPress Swap All Pages In Custom Taxonomy To Another Category

gistfile1.txt

add_action( 'init', 'update_taxonomy');
function update_taxonomy() {

  $posts = get_posts(
    array(
      'post_type' => 'page',
      'posts_per_page' => -1,
      'tax_query' => array(
    		array(
    			'taxonomy' => 'content_category',
    			'field' => 'slug',
    			'terms' => 'news-releases'
    		)
    	)
    )
  );

  foreach ($posts as $post) {
    wp_set_object_terms($post->ID, 'featured', 'content_category');
  }
}