A Facebook "page" is a collection of posts and other content. Think of it as similar to a website or blog, except that it's hosted right on Facebook and has additional Facebook specific features. Facebook allows people to set up "pages" for businesses, famous individuals (including celebrities and politicians), locations, groups, etc

There are a lot (millions?) of Facebook pages that keep the Facebook community alive and thriving and a lot of them are probably not even aware of, or use, paid or sponsored promotions to "boost" their content.

It seems bizarre to me -- but not unheard of -- that Facebook would keep their page running right until the very moment they stopped running their ad campaigns. Having said that, given Facebook's past and especially more recent behavior, I am not surprised at all by this story given the power Facebook has over its platform and how it has managed to abuse it recently.