The Guildhall Trust has taken over ownership of White Rock Theatre in Hastings.
Built in 1927, the 1,000 capacity theatre is one of the largest and most historic in Sussex.
The trust says it will work towards a five-year plan to develop the theatre’s studio into an performance and community space.
A trust spokesperson told the BBC: “We will be developing a five-year plan to identify how we want to develop the venue and programme, and as a charity, there will be opportunities to fundraise to support this”.
Hastings Borough Council, which owns the site, has said the move “secured” the theatre’s future, after the lease of previous operators Trafalgar Theatres ended last November.
Independent councillor from Hastings Borough Council Andy Batsford said: “They have some exciting plans to take the theatre forward and their experience shows they can deliver the vision we have”.