Tim Brown of Yahoo broke the story, and it has been confirmed by Ken Rosenthal and John Heyman.
As I started writing this article, it was also confirmed by Bruce Levine via ESPN.
The Sox supposedly dealt two minor league pitchers, who have yet to be named, for the speedy outfielder. Early unconfirmed reports are that the players in question are John Ely and Jon Link.
Given that Pierre doesn't really have a place in the Dodger lineup and that the Sox system is thin on impact pitching prospects beyond Dan Hudson (who clearly isn't involved), the Sox likely didn't give up anyone of real significance.
The Dodgers will also be paying a large portion of his salary.
Bruce Levine is reporting that the Sox will only be paying Pierre $8 million of the $18.5 million remaining on his contract ($3 million in the first year and $5 million in the second).
Pierre will likely replace Scott Podsednik in left field and appears to be the front-runner for the team's lead-off spot.
Though Pierre won't put the Sox over the top, he does fill a rather glaring hole for the Sox.
Before his acquisition, the Sox didn't have a solid option as a third starting outfielder or at the top of the order.