$content ="<div id="content">
               BLa Bla Bla
               <div id='print'>
                     *** TEXT TO BE REMOVED *** 
                     *** CODE TO BE REMOVED *** 
                     *** FORMATTING TO BE REMOVED *** 
               </div> 
                bla bla bla bla
           </div>";

$content =~ s/<div id='print'>(.*?)<\/div>//gis;

print $content;