The Lakers used the deals to acquire a trio of players as the team looks to return to the NBA Finals for the eighth time in the last 13 seasons.
The Lakers said they sent a first-round draft pick and Fisher, a guard who is the president of the NBA Players Association and won five NBA titles with the Lakers, to the Houston Rockets in return for Jordan Hill.
“I want to express my deepest gratitude to Derek for everything he has meant to this organization over the years,” Lakers owner Jerry Buss said in a statement on the team’s website. “Few who have worn the Lakers uniform have done so with as much class as Derek, both on the court and in the community.”
Los Angeles also dealt forward Luke Walton, guard Jason Kapono and its 2012 first-round pick to Cleveland for guard Ramon Sessions and forward Christian Eyenga, the Cavaliers said in an e-mailed release.
Amid the flurry of trades before the 3 p.m. New York deadline, perhaps the biggest news focused on a player who stayed put.
Orlando Magic center Dwight Howard, the three-time NBA Defensive Player of the Year, announced this afternoon he would waive a clause in his contract that would have allowed him to become a free agent after this season. That kept him off the trading block and under contract with Orlando through the 2012-13 season.
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