From the official press release:
The Chicago Cubs today traded left-handed pitcher Rich Hill to the Baltimore Orioles for a player to be named.
photo via nbcsportsmedia3.msnbc.com
Hill, who turns 29 on March 11, went 18-17 with a 4.37 ERA (164 ER/337.2 IP) in 64 appearances (57 starts) in all or part of four seasons with the Cubs (2005-08). The southpaw went 11-8 with a 3.92 ERA (85 ER/195.0 IP) in a career-high 32 starts in 2007 but went 1-0 with a 4.12 ERA (9 ER/19.2 IP) in five starts with the Cubs last season before being optioned to Triple-A Iowa on May 3.
The Orioles, now the official dumping ground for failed Cubs (thanks, Andy), take on the nearly 29-year-old Hill. Hill had a great 2007 after some outstanding years in Triple-A, but somehow lost it last year. Whether he can get it back is now Baltimore's problem.
The move leaves an open slot on the 40-man roster, so I'd expect another move before pitchers & catchers report to Mesa a week from Friday, on February 13.