Viewing downloaded movies

You might be able to redownload it (you can't stream it from your iPad) on another device via the Purchased tab in the iTunes store app on it and/or on a computer's iTunes via the Purchased link under Quicklinks on the right-hand side of the iTunes store homepage - whether you can redownload a film (you can't redownload rentals) depends upon what country that you are in, if the studio allows redownloading, and if the film remains in your country's store.

Or you can connect your iPad to your computer's iTunes and use the File > Devices > Transfer Purchases menu option to copy it over to your iTunes library and you can then sync it to another device.

So you can have purchased films on multiple devices/computers at the same time