From Marc Lancaster:

Old news by now, I know (been away from the computer for a while), but the Reds have acquired infielder Brandon Phillips from the Indians for a player to be named or cash.

Phillips, 24, was long considered one of the top prospects around, and thought to be the key to the Bartolo Colon deal a few years ago. Grady Sizemore and Cliff Lee ended up providing quite a bit more return for the Tribe.

He'll be on the Reds' active roster, though a corresponding move won't be made until Sunday. Matt Kata was designated for assignment to make room for Phillips on the 40-man.

Another interesting pickup. I keep waiting for a really big domino to fall somewhere here, considering all the catchers, second basemen and outfielders floating around. Stay tuned, I guess.
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Old news?  I didn't know this was close to happening, although I know we discussed it at some point.  I like the move.  He should be on the 25-man roster which might mean LaRue, Valentin, or Ross (doubtful) will be moved for a minor-leaguer.  That's just my guess.