How to convert or change terms taxonomy?

mrj-change-terms-taxonomy-function.php

<?php

function mrj_change_terms_taxonomy($term_id, $future_taxonomy)
{
	global $wpdb;
	$update = $wpdb->update(
		$wpdb->prefix . 'term_taxonomy',
		['taxonomy' => $future_taxonomy],
		['term_taxonomy_id' => $term_id],
		['%s'],
		['%d']
	);
	return $update;
}

mrj-change-terms-taxonomy.php

<?php

add_action( 'init', function(){
	$terms = get_terms([
		'taxonomy' => 'banner_pos',
		'hide_empty' => false
	]);
	if(!empty($terms)) {
		foreach($terms as $term) {
			mrj_change_terms_taxonomy($term->term_id, 'content_cat');
		}
	}
} );