I've heard variations of this all the way back to some 1990s vocational IT courses in the country I live, and it wasn't even technologically advanced at the time. It's hard to have any sympathy for someone who misses this concept in today's age.
They signed up with them in 2019. Not long ago.
Even if it is a "new" concept, common sense isn't. Pretty much anyone who cares about their data will do the due diligence, and this is not something that requires technical chops. This has been a concern for well over 20 years!
It really sounds like some senior management trying to be cheap.
Also, this TV station has not been sending their show archives to Iron Mountain for the past 70 years. Probably what happened was: In 2019, they had an on-site or nearby archive. Then some enterprising IT director came along and convinced management that they would save a bunch of money and time by outsourcing everything to a third party who said they could do it for cheap. Very confident in their genius, they then scrapped their own archive entirely.
Part of me pities them for ending up in this situation, the other part of me believes they got everything they asked for.
I mean, that 70+ year old archive must have been digitised at some point, unless Iron Mountain was storing the reel to reel tapes and/or film from the original recordings. So some "modernation" has been applied to it since its creation.
Now add in tons of other legacy formats and digitising becomes a pretty big cost for a public station.