Here in Prince Edward Island, Canada, our Department of Education has a "public performance site location license agreement" with a company called Audio Ciné Films that covers all schools in the province. This allows our home and schools (PTAs) to have "movie nights" in a legal fashion as long as the following conditions are met:
In practice our school has found this has worked well, the only sticky bit is ensuring that the movie we select for "movie night" is from one of the studios represented. The nice thing about this license is that when it comes to getting the movie itself, we're allowed to just rent it from a local video rental shop.
Our provincial Home and School Federation has a fact sheet for local associations that might be useful as a guide for others.