This is the second consecutive deal between the outdoor firm and the Welsh bus operator - which has an 86-strong fleet of buses - and is worth £1.3m.
Effective from 1 January next year, CBS will be responsible for all interior and exterior ad opportunities, and will have the opportunity to target several thousand journeys every year.
Jason Cotterrell, commercial director at CBS Outdoor, said that as part of the new contract, all buses in the fleet would be fitted with ad frames.
Meanwhile, CBS has teamed up with the office of the Mayor of London to give the fountains in Trafalgar Square a makeover.
The arrangement, which is timed to coincide with the 2012 Olympics, will see the installation of a "green" energy lighting system. LED lights will replace the existing system and will be designed to cut the carbon footprint of the fountain lighting by around 90%.
CBS is looking to secure a sponsor for the project, which will see several hundred square metres of hoarding placed around the fountains from March to May next year.
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