The duo, who were first linked in 2013 and were often seen on outings together, stopped seeing each other after their relationship came to a natural end in May.
“It ran its course. This industry is very tough on relationships,” a source tells PEOPLE. “Jamie thinks Katie is an incredible human being. They had a very, very deep connection. They brought a lot of joy and laughter.”
Foxx, 51, and Holmes, 40, were last seen together at their first public outing during the 2019 Met Gala in early May.
Though they didn’t walk the red carpet with one another, the actress and the actor/rapper, took photos together inside the event. Holmes wore a custom Zac Posen gown, which she paired with a Tyler Ellis clutch and Lorraine Schwartz jewelry. Foxx donned a black suit with a skinny tie, sequin panther pin and purple shoes, which complemented Holmes’ dress.
News of the couple’s split comes three days after Foxx was spotted holding hands with singer Sela Vave on Friday night as the two left Bootsy Bellows nightclub in Los Angeles. Vave, a singer/songwriter and model, is the record producer’s newest artist.
“She’s just a girl he’s helping out, a young singer,” a source told PEOPLE at the time.
An eyewitness who was at La Esquina restaurant on Friday night told PageSix that they had overheard Holmes telling a friend that she and Foxx “haven’t been together for months.”
Foxx and Holmes had been taking their relationship a bit more public in recent months, even wrapping up 2018 with a December yacht outing in Miami, followed by a jet ski trip the next day.
Back in January, a source said they had found a balance between their relationship and busy careers.
“Katie and Jamie see each other as frequently as they can,” the source shared. “They have known each other for years, and both turned out to be great parents, so they also have that in common. They are dedicated to their careers. Plus they give each other space.”