I've been annoyed by this for 2 days and I just fixed mine. Hope this helps someone. I have Music, iTunes Match, an iPad air with iOS 9, iPhone 6 Plus with iOS 9, iTunes 12.3 on El Capitan, and iTunes 12.3 on Windows 10. Steps I took that finally fixed it:
- No actions necessary on iOS devices
- On all copies of iTunes, turn off Music and iCloud Music Library.
- On all copies of iTunes, sign out of the iTunes store.
- On all copies of iTunes, deauthorize the computer.
- On all copies of iTunes, authorize the computer.
- On all copies of iTunes, sign into the iTunes store.
- On all copies of iTunes, turn on Music and iCloud Music Library
Now the error is gone and I can see my purchased TV shows and movies in iTunes again. I'm fairly sure it was my iTunes 12.3 on Windows 10 that was "confused".