$re = '/<(i|b).+>(.+)<\/(i|b)>/';
$str = '<i style=I>asd</i>
<i style=I>asd</i>
<i style=I>asd</i>';
$subst = "<$1>$2</$3>";
$result = preg_replace($re, $subst, $str);
echo "The result of the substitution is ".$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 PHP, please visit: http://php.net/manual/en/ref.pcre.php