Looks like you want something like...:
import re
x = re.compile(r'^([^\|]*?)\s*\|[^\n]*\n\s*(.*?)\s*$')
s = """NETHERLANDS MUSIC EPA | 36 before
Michael Buble performs in Amsterdam Canadian singer Michael Buble performs during a concert in Amsterdam, The Netherlands, 30 October 2009. Buble released his new album entitled 'Crazy Love'. EPA/OLAF KRAAK"""
mo = x.match(s)
subject, content = mo.groups()
print 'SUBJECT =', repr(subject)
print 'CONTENT =', repr(content)
which does emit, as you require,
SUBJECT = 'NETHERLANDS MUSIC EPA'
CONTENT = "Michael Buble performs in Amsterdam Canadian singer Michael Buble performs during a concert in Amsterdam, The Netherlands, 30 October 2009. Buble released his new album entitled 'Crazy Love'. EPA/OLAF KRAAK"
Or maybe you want to do the reverse (as a comment suggested)? then they key RE could be
y = re.compile(r'^.*SUBJECT\s*=\s*\'([^\']*)\'.*CONTENT\s*=\s*"([^"]*)"',
re.DOTANY)
and you can use this similarly to get a match-object, extract subject and content as its groups, and format them for display as you wish.
In either case it's possible that you may need tweaks -- since you haven't given precise specs, just one single example!, it's hard to generalize reliably.