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Microsoft's newly published support document (found by Windows Central) is significant in that Microsoft is no longer selling video content via the Microsoft Store. It follows Microsoft's decision to stop selling music as part of its Groove Music services, which was shuttered in 2017.
But Microsoft's decision to stop providing movies and TV shows to rent or buy probably should be met with a shrug. Several streaming movie services already show movies just weeks after they're released in the box office, with rumors that the recent Superman release might be opened to streaming services just 45 days after first appearing in movie theaters. Microsoft doesn't offer a streaming service; instead, it provides direct sales and rentals to consumers. Plenty of services already do that.
So what will happen to movies and TV shows that you've already purchased? For now, they'll remain on Microsoft's servers. Microsoft's support document indicates that you'll be able to continue playing them
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