Index: src/wp-includes/js/tinymce/plugins/wpview/plugin.js
===================================================================
--- src/wp-includes/js/tinymce/plugins/wpview/plugin.js	(revision 28179)
+++ src/wp-includes/js/tinymce/plugins/wpview/plugin.js	(working copy)
@@ -332,17 +332,24 @@
 		tinymce.each( dom.select( 'div[data-wpview-text]', event.node ), function( node ) {
 			// Empty the wrap node
 			if ( 'textContent' in node ) {
-				node.textContent = '';
+				node.textContent = '\u00a0';
 			} else {
-				node.innerText = '';
+				node.innerText = '\u00a0';
 			}
-
-			// This makes all views into block tags (as we use <div>).
-			// Can use 'PostProcess' and a regex instead.
-			dom.replace( dom.create( 'p', null, window.decodeURIComponent( dom.getAttrib( node, 'data-wpview-text' ) ) ), node );
 		});
     });
 
+    editor.on( 'PostProcess', function( event ) {
+		if ( event.content ) {
+			event.content = event.content.replace( /<div [^>]*?data-wpview-text="([^"]*)"[^>]*>[\s\S]*?<\/div>/g, function( match, shortcode ) {
+				if ( shortcode ) {
+					return '<p>' + window.decodeURIComponent( shortcode ) + '</p>';
+				}
+				return ''; // If error, remove the view wrapper
+			});
+		}
+	});
+
 	editor.on( 'keydown', function( event ) {
 		var keyCode = event.keyCode,
 			body = editor.getBody(),