Magic trade for Bulls guard Jerian Grant in 3-team deal

The Orlando Magic have acquired guard Jerian Grant and center Timofey Mozgov in a three-team deal with the Charlotte Hornets and Chicago Bulls.

The Magic send center Bismack Biyombo to the Hornets, where he started his career as the No. 7 overall pick in 2011.

Chicago acquires Charlotte guard Julyan Stone, who has a non-guaranteed contract that could be waived next month.

The deal delivers the Magic a backup point guard to play with D.J. Augustin. With the drafting of Mo Bamba as the franchise's future center, Biyombo's minutes would've been limited this season.

The Magic, who have not had a winning record or made the playoffs since the lockout-shortened 2011-12 season, get salary-cap help in Grant's $2.69 million expiring contract, while Mozgov's deal has two years, $32.7 million left.

For the Bulls, Stone's $1.65 million contract has an Aug. 1 guarantee date. If Stone is waived, Chicago's cap space would increase to $16 million in room -- assuming forward Noah Vonleh's hold is released.

For Charlotte, Biyombo has two years, $34 million left on his contract. The Hornets have $120 million in salary and are $3.4 million under the luxury tax threshold with 14 guaranteed contracts on their roster.

ESPN's Bobby Marks contributed to this report.