Its no different than having a PS3 and an XBOX just because you bought a copy of a game for one thing doesnt mean you get to go to a store and just take a copy for another thing.
(i) If you are an individual acting in your personal capacity, you may download and sync an App Store Product for personal, noncommercial use on any iOS Device you own or control.
(ii) If you are a commercial enterprise or educational institution, you may download and sync an App Store Product for use by either (a) a single individual on one or more iOS Devices used by that individual that you own or control or (b) multiple individuals, on a single shared iOS Device you own or control. For example, a single employee may use an App Store Product on both the employee's iPhone and iPad, or multiple students may serially use an App Store Product on a single iPad located at a resource center or library. For the sake of clarity, each iOS Device used serially by multiple users requires a separate license.
But there is also this:
IN-APP PURCHASES
Certain App Store Products may include functionality that enables you to receive additional services, or licenses to additional functionality or content for use within the App Store Product ("In App Purchases"). In App Purchases that are consumed during the use of the App Store Product (for example, virtual ammunition) cannot be transferred among devices; can be downloaded only once; and after being downloaded, cannot be replaced. Once a consumable In App Purchase is acquired and received by you, Apple shall be without liability to you in the event of any loss, destruction, or damage. All In App Purchases are deemed App Store Products, and In App Purchases received within Third-Party Products are deemed Third-Party Products, and treated as such, for purposes of these terms and conditions.
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But there is also this: http://www.apple.com/legal/itunes/us/terms.html
I don't know whether episode purchases can be regarded as "consumable In App Purchases" or not.
It is not showing up on my iTunes purchased items list so I contacted Telltale CS.