As noted by MacRumors, films from Universal Studios are now available for download on iCloud, meaning that you can re-download a copy of one of your older purchases. (Also, if you received a digital copy with one of your older DVD purchases, you will now be able to re-download it in full-HD, provided it’s available for that particular title.)
Back in March, The Wall Street Journal revealed that HBO was working with both Fox and Universal Studios to bring their films to iCloud. The main issue was that they already had an agreement with HBO that would prevent the two studios from putting their titles on Apple’s newest addition to the cloud. However, it seems that Universal Studios’ films have now been made available, though it’s still unknown when Fox’s time is.