When you purchased a movie from iTunes Store, you can only watch it only Apple's own devices such as iPhone, iPad, Apple TV or a computer with iTunes. You can download the movie, but it only retains on your Library of iTunes. Do you want to download it offline and watch on any device like Android smartphone, tablet, Windows Phone, etc.? I know a useful tool - TunesKit M4V Converter that can help you do this. I've used this one to rip the DRM protection and convert iTunes M4V videos to MP4 format for months. Worked well.