Dow Jones- Highfields Capital Management’s 7.7% stake in radio broadcaster Clear Channel Communications Inc. (CCU) took a big hit Wednesday, but Highfields isn’t the only big-name investor that stands to lose if the now- in-jeopardy $19.4 billion private equity buyout of Clear Channel doesn’t go through.

Among others, Perry Capital, Adage Capital Advisors and Third Point Management show up as holders of more than 3 million Clear Channel shares as of the end of 2007, the most recent filings available from the Securities and Exchange Commission. Those funds either declined to comment for the record or couldn’t be reached for comment.

The possible cancellation of the deal, a $39.20 a share bid by private equity firms Thomas H. Lee Partners LP and Bain Capital Partners, sent Clear Channel’s stock to a five-year low Wednesday. The market had already been skittish on the deal: Clear Channel’s stock was trading at a 13% discount to the offer price as recently as Tuesday. Wednesday, the shares closed down $5.64, at $26.92 a share.

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