As a side note I should mention that I am only asking if there is a way to do this legally. I also sent a report ticket into Google. I just had no idea that there appears to be no way of doing this with purchased movies at the moment.
Of all things... someone actually uploaded this paid content TO Google Play/YouTube for free. So at least I was able to download a copy for my own private viewing when I'm not online. I'm sure Google will be removing it at sometime.