Microsoft is today releasing its new iteration of Office, Office 2019, for Mac today. The main focus on the new version is solely tailored towards users and businesses that haven't switched to the Office 365 subscription service.
As reported by The Verge, the new version is essentially everything Office 365 has been offering over the past several years, packaged in a new version that's available for a one-time fee. Office 2019 will include updates to Word, PowerPoint, Outlook, Excel, Outlook, and the rest of the Office suite of applications. 

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