Reading your title, my first inclination is to use FOPEN, but there are a few things that came to mind...
1) Are there "new lines" in your target HTML code? For example, if you look at the source code of google.com, the whole "page" is only 15 lines of code. Hence, that would not work.
2) Do you need to take into account formatting? Something as simple as a font tag or a link could take up most (or all) of the 200 character limit.
You may want to look into:
strip_tags(..)
http://php.net/manual/en/function.strip-tags.php
How I would do it...
FOpen the page and store to string then strip_tags(..) the string and substr(..) the string "buffer".
Hope this helps.