According to Brian Windhorst of ESPN who originally reported the story, “Cavs have traded Chris Andersen to Charlotte. Move clears a roster spot to add additional players. Cavs sent cash in deal as well.” The details of the deal were later confirmed as a top-55 protected 2017 second round pick going from the Charlotte Hornets to the Cleveland Cavaliers. The Cavs moved Birdman to Buzz City but he was immediately waived by the Hornets. (The team later announced the deal.)
This “trade” was essentially a cap move for both teams.