It appears to be true. I know people personally who have had movies removed from their iTunes library which they purchased using the OWN option. Clearly, I need to start tracking my library better. Before Apple started using cloud storage, your movies had to be downloaded into iTunes and stored on your hard drive. The cloud has made it much easier from a storage perspective for our devices, but, apparently, if Apple loses the rights to a movie and you've not downloaded it...so do you.
For those of us who have been in the digital world for a while, we've seen the downfall of many services such as Flixster, Target Ticket and CinemaNow and we've lost movies. Apple clearly isn't going anywhere, but to be allowed to remove our movies that we PAID FOR at random, whether they've lost rights or not, seems a extremely deceptive. If this is the case, then Apple needs to reword their options of Rent and Own, as you truly don't "own" unless you download apparently. I'm feeling once people realize movies have vanished that they have purchased, if they're smart, they'll migrate to another streaming service such as Vudu, who does not remove movies from your library that you purchased, even when the rights have been removed from the studio. It's a slippery slope for Apple to use the term "own", as it appears to be used very loosely. Perhaps they should reword that to "temporarily own" or "own as long as you download" or "own as long as the studio allows us"...something more of that nature would be more accurate. Now that this has become more real, I don't see myself purchasing any movies directly from Apple going forward.