Taunton Dean Borough Council will discuss making a bid for The Brewhouse Theatre today.
It would not mean the authority would take on the running of the theatre though.
The public arts and performance hub went into administration in February leaving more than 50 members of staff redundant.
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Cloudy with some bright spells and patchy showers. Highs of 12 degrees.
Some cloud, some bright spells and showers. Highs of 12 degrees.
It is understood 1,500 passengers had been scheduled to fly with the airline on Sunday.