Cavs acquire Jeremy Pargo from Memphis

The Cleveland Cavaliers have acquired point guard Jeremy Pargo, a 2014 second-round draft pick and cash considerations from the Memphis Grizzlies in exchange for guard/forward D.J. Kennedy.

"Our approach remains consistent as we try to bring in young talent, create future opportunity with draft picks as potential assets and maintain flexibility," Cavaliers general manager Chris Grant said. "Jeremy adds depth to our backcourt. He is a young, aggressive, athletic guard who we feel fits well with our style of play, both defensively and offensively. We look forward to welcoming him to Cleveland."

Pargo, 26, played in 44 games (five starts) with Memphis last season, and averaged 2.9 points and 1.3 assists. It was his first season in the NBA.

Kennedy appeared in two games for the Cavs last season and averaged 6.0 points, 3.5 rebounds and 1.5 assists.