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The Culver City company told its employees Tuesday morning that it would be winding down operations.

In a Wednesday letter, WeWork Interim CEO David Tolley said the New York City company must reduce its operating costs — notably its current lease liabilities, which “remain too high and are dramatically out of step with current market conditions.”

The New York City company said Tuesday that the difference in its performance was mostly due to charges related to legal settlement costs at Fox News Media.

It also requires an independent expert to conduct additional pay equity studies and for the New York City company to investigate and address any gender pay gaps where appropriate.

Triller, the Century City company, plans to go public later this year even as it faces lawsuits over unpaid bills and breaches of contract.