https://techcrunch.com/2021/02/18/microsoft-announces-the-next-perpetual-release-of-office/

If you use Office, Microsoft would really, really, really like you to buy a cloud-enabled subscription to Microsoft 365 (formerly Office 365). But as the company promised, it will continue to make a stand-alone, perpetual license for Office available for the foreseeable future. A while back, it launched Office 2019, which includes the standard suite of Office tools, but is frozen in time and without the benefit of the regular feature updates and cloud-based tools that come with the subscription offering.

Today, Microsoft is announcing what is now called the Microsoft Office LTSC (Long Term Servicing Channel). It’ll be available as a commercial preview in April and will be available on both Mac and Windows, in both 32-bit and 64-bit versions.