Yes, it was a surprise to many JW's, who felt the song titled "Good News!" would be about the good news of the paradise earth, but its based on good news that the angels gave to the shepherds about the messiah being born. and its one song where the name Jehovah doesn't appear. Just a shortened version - Jah. These are the lyrics:
Good News
“Glory in the heights above”—
Good news for all men—
When God’s Son arrived in Bethlehem.
Hope for those who mourn,
A Savior has been born!
(CHORUS)
Good news, this good news—
Joy for all mankind—
Praise Jah for his light!
Good news, this good news—
Preach with all your might.
Good news, Christ is born—
The way, the truth, the life.