Permanently deleting movies from library

Is there a way to permanently delete movies and/or TV shows from my library? I understand I can hide them, but that doesn't allow me to purchase said movie again from the store.

The reason I ask is that I had connected a movies anywhere account a few years back, and have since realized that many of the movies do not upgrade to 4k/Atmos. There are quite a few of these movies I would like to purchase from the iTunes store to get these upgrades versions, but it won't let me since I "have already purchased" it.