National Lampoon ended a merger agreement.

The firm’s board voted unanimously to terminate an agreement to be acquired by NLI Acquisition, which will not be able to obtain the necessary financing by May 31 as previously agreed. The price under the agreement had been $47.25 a share. NLI was formed to acquire National Lampoon by Anthony B. Cassara, president of Wometco Broadcasting, and George A. Vandeman, a senior partner in the Los Angeles law firm of Latham & Watkins.