GIVE EDGAR BRONFMAN JR. credit for getting back on the horse. Just days after failing to land superagent Michael Ovitz to head Seagram's new MCA entertainment unit, CEO Bronfman and DreamWorks SKG studio signed a deal Bronfman estimates could be worth $1 billion during the next decade. MCA gets a half-interest in two record labels being created by DreamWorks' David Geffen and the overseas and video distribution rights to films made by the studio's Steven Spielberg and Jeffrey Katzenberg. MCA also will pay $54 million for 2% of DreamWorks.

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