LeBron James Signs 4-year, $154M Contract with Los Angeles Lakers

CBS News - NBA superstar LeBron James has signed with the Los Angeles Lakers, leaving his hometown team, the Cleveland Cavaliers, for a four-year $154 million deal, according to Klutch Sports Group, the company run by his longtime friend and agent Rich Paul.

James, the 33-year-old four-time league MVP and three-time NBA champion, was expected to make a quick decision on his future after opting out of his contract with the Cavaliers on Friday.

This is the third time in eight years James has changed teams. He returned to the Cavs in 2014 after four seasons in Miami.

The Associated Press points out that the Lakers will give James a larger platform for his business interests and social activism -- since James already owns two homes in Southern California and has a film production company.