re = /<div>((?:<div[^>]*>(?1)<\/div>|[^<]*|<(?!div))*)<\/div>/mi
str = '<div>
Lorem ipsum dolor sit amet
</div>
<div>
Lorem ipsum dolor sit amet
</div>
<div>
<div class="media_embed">
<div style="xxx">
<div style="xxx">
<div style="xxx"></div>
</div>
</div>
</div>
</div>
<div>
Lorem ipsum dolor sit amet
</div>
<div class="foo">
<div>FOO</div>
<div class="bar">
<div>BAR</div>
</div>
<div>FOOBAR<div class="foobar"></div></div>
<div class="bar"><div><b>BAR</b></div></div>
<!-- para este caso, deberás ejecutar preg_replace
hasta que no haya nada nuevo por reemplazar -->
<div><div>foobar</div></div>
</div>'
subst = '<p>$1</p>'
result = str.gsub(re, subst)
# Print the result of the substitution
puts result
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for Ruby, please visit: http://ruby-doc.org/core-2.2.0/Regexp.html