1:35pm: The Indians have announced the trade. According to the Associated Press, the Yankees paid Cleveland $78K for Yates.

1:25pm: The Yankees have acquired right-hander Kirby Yates from the Indians in exchange for cash considerations, according to Jack Curry of the YES Network (via Twitter). Yates had been designated for assignment by the Indians earlier this week. Cleveland had originally acquired him from the Rays earlier this offseason.

Yates, 29 in March, enjoyed a solid rookie campaign in 2014 when he logged a 3.75 ERA with a robust 10.5 K/9 against 3.8 BB/9. He couldn’t replicate that in his age-28 season, however, due largely to an incredible amount of home runs allowed. Yates is an extreme fly-ball pitcher, but nearly one third of the balls put in the air against him left the yard this past season (30.3 percent). Extreme fly-ball pitcher or not, that rate is nearly unheard of and is almost certain to regress in the future. However, the poor results left Yates with a 7.97 ERA due to yielding 10 homers in 20 1/3 innings. That skill-set and the homer-friendly confines of Yankee Stadium would seem to be a dangerous combination, although Yates’ track record of missing bats is enticing, and homers were never a problem for him throughout his minor league career.

Because the Yankees’ 40-man roster was only at 37 players prior to the acquisition of Yates, a corresponding move is not necessary in order to clear a roster spot.