It removes html/xml style tags from the input file.

s/      # Search for ...
<       # Something that begins with '<'
[^>]    # and continue while there isn't a '>'
*       # for zero-or more characters
>       # Ending with a '>' character
//      # replace previous match with the empty string
g       # do this globally for each line

This matches (and removes) things like <tag parameter=value> ro <html> .

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