(FORTUNE Magazine) – Edgar Bronfman Jr. seems heck-bent on buying back his family's former Seagram television, music, and film properties from Vivendi. Apparently, losing $3 billion the first time around just wasn't enough for the music-loving scion, who's looking to raise an estimated $22 billion for the deal (which seems like a long shot). But what has the younger Bronfman learned from his first reign? Could he possibly let it all slip through his fingers again? Could we possibly resist offering him some advice of our own?

Tip 1: When they pitch you Waterworld II--and they will--resist the urge to get back in the water. Fire whoever suggests Kevin Costner for the male lead.

Tip 2: Remember when you flirted with hiring Mike Ovitz? How good can a guy be if the only time he's worth $100 million is when he's walking out the door? Keep your friends close and your wallet closer.

Tip 3: In your hunt for media domination, beware mergers with Internet service providers. Trust us on this one.

Tip 4: We know you're a songwriter. But please don't flex your creative muscles by "helping" Universal Music Group artists Eminem and Ja Rule with lyrics. That could be dangerous.

Tip 5: Why not just scrap this whole entertainment thing and invest in what teenagers really care about: alcohol? --Devin Leonard and Alynda Wheat