Cumulus Media, the radio broadcaster, said Monday it terminated its July agreement to be taken private by its chairman and an affiliate of Merrill Lynch, stating the parties were “unable to agree on terms on which they could proceed with the transaction.” Cumulus said it will get a $15 million break-up fee from the investors, who agreed last year to pay $1.3 billion for the company.

The deal is just the latest private equity transaction to collapse since the subprime meltdown caused the credit markets to freeze up. The proposed $19.5 billion buyout of Clear Channel Communications, Cumulus’ much bigger rival, is caught up in a morass of litigation as the banks that agreed to help fund the deal have balked.

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