The city will now contract First Transit Incorporated to manage the bus service.
Current management company McDonald Transit Incorporated operated CityLink for more than three decades.
After city officials reviewed new proposals from McDonald and First Transit Inc. last year, they determined that First Transit best meets the city's current needs.
First Transit will be contracted for five years.
There is no set date as to when the change will happen, but city officials say they are looking at a transitional period of 30-60 days.