A MAJOR shake-up of Metro News is expected to be announced this afternoon, with senior management calling all staff to a meeting. Staff at the 24-hour all-news channel, which turns two years old in July, are expecting to be told it is to be closed down, but Mr Craig Quick, general manager of Metro Broadcast - which runs Metro News, Hit Radio and FM Select - said last night: ''MetroNews is not going to close down.'' He would not, however, reveal details of the announcement. Staff had a right to hear it first, he said. For several months there have been strong rumours within the broadcasting industry and within the station itself that Metro News was to be wound up and staff dismissed after their contracts expired. Metro News was the first of Metro Broadcast's three stations to go on air - on July 22, 1991. The Cantonese music station Hit Radio and bilingual music channel FM Select followed over the next three months. One staff member said it was feared the death knell was being sounded for Metro News. ''We're all petrified. We're all expecting the worst - that the station is being closed down and that we'll be paid up until the end of our contracts,'' he said. Most of the newsroom staff were hired on two-year contracts. Mr Quick would only say: ''We are going to have an important staff meeting of Metro News. ''What is being announced tomorrow is purely an internal matter, it is purely to do with the internal workings of the radio station.'' He denied that financial problems were forcing cutbacks, saying that the announcement was not related to the Li Ka-shing-led consortium that owns Metro Broadcast. The decision to call the staff meeting was made by on Wednesday. One insider predicted that the format of the station would be changed and there would be less news and more current affairs programmes. Within the industry, the inability to get enough advertising for Metro News has been blamed for belt-tightening. When launched, the plan was to have the Metro News service beamed throughout the region via satellite, but this has not happened. Any cut in news output will come as a further blow to the shrinking English radio news market in Hongkong. Commercial Radio's English channel - which sacked most of its newsroom staff last year - this month cut out all news. It is now advertised with the slogan: ''Only music spoken here.'' And the future of Radio Television Hongkong is still uncertain, with the Government refusing to commit itself to corporatising the public broadcaster.