I have a new TV which is HDCP compatible, a graphics card which is also HDCP compatible but cannot output Blu-ray through HDMI cable. I have no other way of testing because i only have this one setup, but it works with DVI-VGA converter... i want my new system on HDMI though.
Does blu-ray have to be HDCP compatible? I'm not sure on my model number but its fairly new.
Your TV is HDCP compliant, your graphics card definitely is able to play Blu-Rays, AMD's drivers have been HDCP compliant for atleast 5 years, Your HDMI cable would have to be V1.1 or above which I expect it is (worth checking this though)...
HDCP is basically copy right protection so maybe try a different Blu-Ray or start the normal trouble-shooting process (different monitor/TV, different PC, another HDMI cable ETC...)