Index: inc/formatting.php
===================================================================
--- inc/formatting.php	(revision 1908)
+++ inc/formatting.php	(working copy)
@@ -180,7 +180,7 @@
 		// Only apply to parsed content that have the em tag.
 		if ( DevHub\is_parsed_post_type( $post_type ) && false !== strpos( $content, '<em>' ) ) {
 			$content = preg_replace_callback(
-				'/([^\s])<em>(.+)<\/em>/',
+				'/([^\s])<em>(.+)<\/em>(?!<\/p>)/',
 				function ( $matches ) {
 					return $matches[1] . '_' . $matches[2] . '_';
 				},