Facebook is becoming "more and more like Twitter than it is like Snapchat," former Yahoo interim CEO Ross Levinsohn told CNBC on Friday.

"And Instagram has become what Facebook once was," he said.

Levinsohn said Facebook's content is too oversaturated with news and other editorial content, and that he wants to see more updates from friends and family in his news feed. "I go to Facebook, and I'm seeing more and more fake news, it's really heavy, heavy politics," he said.

The media executive, who is bullish on , said he doesn't even want to put Snapchat into the social media category. "I think it's a communications platform and I think it's a creative platform," he said.

He said Snapchat Discover is a new medium, combining television and print. "I think Evan and team are creating the most unique creative platform that's been created on the internet in a very long time," he said, referring to Snapchat CEO Evan Spiegel.

While Levinsohn isn't very concerned about Snap's Q1 earnings report, which sparked a huge sell-off in shares, and thinks the losses were to be expected, he does have one concern. "I think the negative here is that because they missed, it will give the agencies and CMOs a bit of leverage in negotiating rates," he said.

Disclosure: CNBC parent NBCUniversal is an investor in Snap.