ESPN's Adam Schefter first reported the trade on Friday.
NFL Network's Tom Pelissero added the terms of the trade:
Hyde, 28, has rushed for 382 yards and five touchdowns in six games this season and will give the Jaguars additional backfield depth alongside T.J. Yeldon with Leonard Fournette set to miss his third straight game because of a hamstring injury.
Hyde, who spent the first four years of his career with the San Francisco 49ers, signed a three-year, $15.3 million deal with the Browns over the offseason to serve as their lead back.
And despite an impressive touchdown total, Hyde didn't live up to expectations, managing a career-low 3.4 yards per carry through the first month-and-a-half of the season. Although as ESPN.com's Matthew Berry noted, part of that lackluster production may have been fueled by Cleveland's offensive line:
Conversely, rookie Nick Chubb has ripped off a stellar—and unsustainable—10.8 yards per rush on 16 carries. To date, the second-round pick has racked up 173 yards and two touchdowns on the ground as much more of a true home run hitter out of the backfield.
Before the move was made, head coach Hue Jackson emphasized the team needed to find ways to get Chubb more carries.
"He has to get some," Jackson said earlier this month, per Cleveland.com's Mary Kay Cabot. "Hyde is playing well, but this guy is scoring touchdowns from long ways away."
As for the Jaguars, adding Hyde is a low-risk move that will offer them peace of mind in the event Fournette is sidelined longer than expected.
According to Spotrac, the Jaguars will save $3.6 million and only have to eat $2.3 million in dead cap if they cut Hyde before June 1.