Klutch Sports Group issued this news release about the basketball star's decision:
From James' perspective, Los Angeles provides him with a larger platform for his business interests and social activism.
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 33-year-old had previously said he wanted to finish his career in Ohio, and although he's leaving home again, Cleveland fans are more forgiving after he ended the city's 52-year sports championship drought in 2016.
—The Associated Press contributed to this report.