Change text format used for text field when displayed in a view?
I found an issue concerning something similar to you question on Drupal.org

https://www.drupal.org/node/1113088

There is some module code provided which may be useful to you. 

The module looks like it uses a field formatter.  Instead of taking out the media tags, it aims to strip out the resulting html tags. 

$pattern = array('/&lt;div class="media[^"]+"&gt;.+&lt;\/div&gt;/im', '/&lt;p&gt;&lt;\/p&gt;/im', '/&lt;p[^&gt;]+&gt;&lt;\/p&gt;/im');
  $item['safe_value'] = preg_replace($pattern, '', $item['safe_value']);