Sky bought its stake for £940m in November 2006 in a bid to prevent a takeover of ITV by Virgin Media.
In October 2007, the Competition Commission provisionally found that BSkyB's 17.9% stake in ITV "restricts competition and therefore operates against the public interest".
BSkyB subsequently launched an appeal against that decision to the Competition Appeal Tribunal.
However, last November, the Competition Appeal Tribunal rejected that appeal and ruled that BSkyB must reduce its 17.9% stake in ITV to less than 10%.
Following the November ruling, the satellite broadcaster lodged a further appeal, this time with the Court of Appeal.
In a statement today, BSkyB said: "The Court of Appeal has granted permission to appeal the Competition Appeal Tribunal's decision in respect of the Group's investment in ITV plc. A hearing will be scheduled by the Court of Appeal in due course. The group welcomes the decision."
Sky could lose millions by being forced to sell its ITV stake - since ITV's share price has plummeted from 116.5p to 21p since it bought the stake in 2006.
It fears that dumping a large chunk of ITV equity on the market would trigger a further sharp fall in the share price of its holding in the broadcaster.
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