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This story is easily stretched across 2 films. They just decided to expand to a 3rd since they had so much additional footage and didn't want us to miss out on all that.
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Pretty sure it's not that they wanted you to "miss out" on it -- more that they have a captive fanbase who will buy tickets and videos and extended versions and Special Editions and on and on. There's no reason this was, at max, a 2 movie story. As it is, they could've bloated it out to 4 movies and the LOTR fans would still gladly eat it all up. This 3 movie structure was about money and commerce more than art, no doubt about that IMO.