This film will be a prequel to the first Hobbit film (itself a prequel to The Fellowship of the Ring). It will begin not long after the first destruction of Sauron by Isildur, shown in the first Lord of the Rings film. Since the One Ring had not been destroyed, the Elves thought that someday Sauron may return. 1000 years after the Last Alliance of Men and Elves at Mount Doom, a shadow of fear returned to the forest of Mirkwood in the guise of the Necromancer, ultimately revealed to be Sauron. He established power at his stronghold in the south of the forest known as Dol Guldur. Around the same time Maiar from Valinor came to Middle-Earth in the guises of old sage figures (Sauron and the Balrogs are also Maiar). They would become know as wizards, chief among them were Saruman and Gandalf. We will also find out that Gandalf is also a ring-bearer, being given one of the Elvin rings of power, Narya, which is akin to the rings worn by Galadrial and Elrond. Once they reveal themselves, the wizards and the elven leaders from the White Council contest the growing power of Dol Guldur. The film ends with Sauron being defeated, but all is going exactly as planned since the One Ring has heard its master's call. It needs a new host. Perhaps a hobbit will do.