<?php
$content = "Thi's is an image: <img src='/img.jpeg' /> This is a <a href='/abc.htm'/>Link</a> Thi's or Thi’s";
$regex = '~<[^>]+>(*SKIP)(*FAIL)|\b\w+\b~';
$wrapped_content = preg_replace($regex, "<span>\\0</span>", $content); echo $wrapped_content;
PD9waHAKJGNvbnRlbnQgPSAiVGhpJ3MgaXMgYW4gaW1hZ2U6IDxpbWcgc3JjPScvaW1nLmpwZWcnIC8+IFRoaXMgaXMgYSA8YSBocmVmPScvYWJjLmh0bScvPkxpbms8L2E+IFRoaSdzIG9yIFRoaSYjODIxNztzIjsKJHJlZ2V4ID0gJ348W14+XSs+KCpTS0lQKSgqRkFJTCl8XGJcdytcYn4nOwoKJHdyYXBwZWRfY29udGVudCA9IHByZWdfcmVwbGFjZSgkcmVnZXgsICI8c3Bhbj5cXDA8L3NwYW4+IiwgJGNvbnRlbnQpOwplY2hvICR3cmFwcGVkX2NvbnRlbnQ7