Universal Music Group CEO Lucian Grainge and Justin Bieber manager Scooter Braun will announce a global distribution deal for Braun's Schoolboy Records -- which includes Bieber, Carly Rae Jepsen and the Wanted - later this week, according to a report in the Los Angeles Times.

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The deal will make Braun the first entrepreneur in residence at Universal's Global Creative Investment Program, a multi-million-dollar program to form ventures with tech-centric entrepreneurs in the music space.

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"There's a new social contract emerging between music companies, artists and entrepreneurs," Grainge told the paper. "The challenge comes in creating a structure that is open to opportunity in the midst of a discombobulation of everything we've ever known."

The relationship has evolved over the past few years, the paper says, with Grainge mentoring Braun and the latter sharing insights into technology for music discovery.

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"I started in this business as a talent scout," Grainge said. "I'd see five to six bands a night back then. And I'm a talent scout now. It's just that the macro vision for what constitutes talent today is more multifaceted."

As such, Universal's Creative Investment Program -- with Braun as its first project -- is Grainge's vehicle for driving the record company into the 21st century.

What happens next with the program, however, probably is as unpredictable as where the next pop star will come from.

"It can be a venture. It can be a product. It's about being alert," Grainge said. "I'm on the hunt."