A press release issued on Friday provides the details…
Given the breadth of interest in free personal productivity applications and the rapid evolution of personal computing technologies, we believe the OpenOffice.org project would be best managed by an organization focused on serving that broad constituency on a non-commercial basis,” said Edward Screven, Oracle’s Chief Corporate Architect. “We intend to begin working immediately with community members to further the continued success of Open Office. Oracle will continue to strongly support the adoption of open standards-based document formats, such as the Open Document Format (ODF).
When Oracle purchased Sun, they inherited the major alternative to Microsoft Office, however due to some in-fighting within the open source community, the community branched off from Oracle and created Libre Office.
(Via Arstechnica)