urban legend vs news report

urban legend and news report both are nouns.

Word	Noun	Adjective	Verb	Adverb
urban legend	Yes	No	No	No
news report	Yes	No	No	No

As nouns, news report is a hypernym of urban legend; that is, news report is a word with a broader meaning than urban legend:

urban legend: a story that appears mysteriously and spreads spontaneously in various forms and is usually false; contains elements of humor or horror and is popularly believed to be true
news report: a short account of the news

Other hypernyms of urban legend include account, report, story, write up.

urban legend (noun)	news report (noun)
a story that appears mysteriously and spreads spontaneously in various forms and is usually false; contains elements of humor or horror and is popularly believed to be true	a short account of the news