The Brooklyn Nets announced on Friday that they have signed Billy King to a contract extension.

"Billy has been a great asset to the Nets organization over the last three years," Mikhail Prokhorov said in a statement. “He has shown he is not afraid to be bold and take risks, and, as a result, we have a playoff team with a world of potential. We are glad we will have the opportunity to continue our work together and realize that potential."

"I am anxious to continue working hard for Mikhail Prokhorov and the Brooklyn Nets," King said.

King, who was named general manager of the Nets on July 14, 2010, presided over a team that posted a 49-33 record in the franchise’s inaugural season in Brooklyn, matching the second best record in Nets’ history, while making their first postseason appearance in six seasons.

The New York Knicks have signed Earl Barron.

The Knicks had a roster spot become available following the retirement of Rasheed Wallace.

Barron played for the Washington Wizards earlier this season and was waived in December.

The New York Knicks announced on Tuesday that they signed Quentin Richardson for the rest of the season.

A 12-year NBA veteran, Richardson played four seasons with the Knicks from 2005 to 2009. He has career averages of 10.3 points and 4.7 rebounds.

Richardson had not played for an NBA team this season and will be eligible for the playoffs.

The Knicks were pursuing a wing player after releasing Solomon Jones on Monday.

Springfield Armor forward Willie Reed will sign with the Memphis Grizzlies on Monday for the rest of the season, agent Joel Bell told RealGM on Sunday afternoon.

Reed averaged 14.8 points, 7.8 rebounds and 1.8 blocks for Springfield this season, posting 12 double-doubles in 48 games. At 6-foot-10, Reed will bolster what’s already a big, physical Grizzlies frontcourt.

Future terms of Reed’s contract with the Grizzlies are still being worked out, Bell said. Reed is expected to be available by Wednesday night’s home game against the Utah Jazz and will be eligible for the playoffs.

Reed, 22, played two seasons at St. Louis before going undrafted in the 2011 NBA draft.

The Dallas Mavericks have signed Josh Akognon for the remainder of the season.

Akognon was the Mavericks' final cut in training camp and spent the bulk of the season in China, where he led the Chinese Basketball Association in scoring.

Akognon went undrafted in 2009 out of Cal State Fullerton.

Malcolm Thomas signed a two-year contract with the Chicago Bulls on Monday for the rest of this season and guarantee dates that can push the deal through next season, a league source told RealGM.

Since signing the first of two 10-day contracts on March 19, Thomas has played just over one minute for the Bulls and has impressed the coaching staff in practice. At 6-foot-9, Thomas has given the Bulls another body up front in a critical juncture of the season, with both Joakim Noah and Taj Gibson dealing with injuries.

Thomas scored four points in one minute on Sunday night, when the Bulls were blown out on the road against the Detroit Pistons. Throughout Tom Thibodeau’s run as Bulls coach, he’s always been reluctant to change his rotation to accommodate players acquired during the season and has remained that way – recently promoting Vladimir Radmanovic as a reserve off the bench instead of Thomas.

Thomas also played five games with the Golden State Warriors this season, compiling three points and five rebounds in 21 minutes. His first NBA basket came on a dunk Sunday, and he is five of six from the free throw line for the season.  

The Utah Jazz have signed Jerel McNeal for the remainder of the season.

McNeal, a 6-foot-3 guard, averaged 18.1 points, 5.5 assists and 3.0 rebounds in 44 games for the Bakersfield Jam this season.

The Phoenix Suns Suns announced on Tuesday that president of basketball operations Lon Babby and the team have agreed upon a two-year contract extension. The new contract guarantees that Babby will remain with the team through the 2013-14 season.

“Lon has led our front office during this important transition period for the organization and he has my full support as we continue to rebuild,” said Suns Managing Partner Robert Sarver.

“I greatly appreciate the faith that Robert Sarver and the entire Suns organization have demonstrated with this new contract,” Babby said. “We have begun the heavy lifting needed to rebuild our team. While the transition is often painful, I am entirely confident that we are taking the necessary steps to regain elite NBA status. I fully embrace the opportunity to continue on that path.”

Babby's long-term status had been put into question this season, prior to he and the team signing a new deal.

Joseph (6-7/215) becomes Brooklyn's second NBA D-League Call-Up of the season, joining the Nets from the Springfield Armor.

In 27 combined games for Springfield and Maine this season, Joseph averaged 18.6 points, 4.6 rebounds, 1.8 assists and 1.7 steals in 34.0 minutes per game.

The Philadelphia 76ers have waived Jeremy Pargo and have also signed Justin Holiday.

Holiday appeared in 47 games with 42 starts for the Idaho Stampede in the D-League this season, averaging 17.3 points, 5.3 rebounds, 2.5 assists, 2.43 steals and 1.17 blocks in 34.7 minutes per game while shooting 42.1% from the floor, 41.2% from 3-point range and 81.6% from the line.