Machacek will report to Columbus' American Hockey League affiliate in Springfield, Mass., after Sunday's deal.
The 24-year-old Machacek was selected in the third round, 67th overall, of the 2008 draft. The 6-foot-1, 195-pound right winger has two goals and seven assists in 25 career NHL games with the Thrashers/Jets. He had 11 goals and 14 assists in 57 games with St. John's this season.
Columbus' sixth pick, 135th overall, at the 2008 draft, Kubalik has a goal and three assists in 12 games with the Blue Jackets. The 6-3, 215-pound right winger has played in 190 AHL games, with 49 goals and 47 assists.