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Cllr Mike Bell, Leader of the Council and local ward member said: "This is great news for the town and I'm really pleased that after such a short period of closure, the cinema will soon be back to doing what it does best.
"I’ve spoken to Merlin Cinemas today and assured them of our support for their work to maintain cinema operations at the building. I am confident, with community support, we can embark on a positive and sustainable future for this landmark site."
Merlin Cinemas is an independent cinema chain which specialises in operating character and predominantly coastal cinemas. They already run 17 cinemas across the country, most of which are in the south west.
Cllr Bell added: "Merlin has assured me that they will be valuing and promoting the much-loved Compton Organ and the role the building has at the heart of the town centre. They're hoping to reopen the cinema again in the near future and will be developing a short and long-term investment plan to improve the building, including the listed features.
"Their investment is another sign of confidence in Weston town centre and the work we're doing together to share all that is great about living, working and visiting our town."