Taunton Deane Borough Council has voted unanimously to try to buy the leasehold for the Brewhouse Theatre.
The venue went into administration in February. Final Bids for the theatre must be put forward by Friday and we understand one offer from the council has already been rejected.
More top news
Police evacuated hundreds of homes in the city following the discovery of two suspect packages.
A large part of Exeter city centre has been evacuated following the discovery of two suspicious packages
More than 175,000 festival goers will be at Glastonbury Festival this weekend. We've made a list of people you're sure to encounter.