Replace text inside html tags?

squash_at_peoriadesignweb.com
Date: 01/30/05 

Date: 30 Jan 2005 13:01:41 -0800

I want to able replace text inside html tags. I am using a regex to
extract the text , but after I modify the text how can I re-assemble
the html tag? Here is an example:

<font size=1> HI </font>

I need to replace HI with BYE and re-assemble html tag like below:

<font size=1> BYE </font>
I checked perldoc -q html but could not find the answer there.

Thx!