Index: Python/ceval.c
===================================================================
--- Python/ceval.c	(revision 64559)
+++ Python/ceval.c	(working copy)
@@ -1617,9 +1617,11 @@
 							"lost sys.stdout");
 			}
 			if (w != NULL) {
+				Py_INCREF(w);
 				err = PyFile_WriteString("\n", w);
 				if (err == 0)
 					PyFile_SoftSpace(w, 0);
+				Py_DECREF(w);
 			}
 			Py_XDECREF(stream);
 			stream = NULL;
Index: Lib/test/test_file.py
===================================================================
--- Lib/test/test_file.py	(revision 64559)
+++ Lib/test/test_file.py	(working copy)
@@ -503,13 +503,32 @@
         self._test_close_open_io(io_func)
 
 
+class StdoutTests(unittest.TestCase):
 
+    def test_move_stdout_on_write(self):
+        # Issue 3242: sys.stdout can be replaced (and freed) during a
+        # print statement; prevent a segfault in this case
+        save_stdout = sys.stdout
+
+        class File:
+            def write(self, data):
+                if '\n' in data:
+                    sys.stdout = save_stdout
+            def flush(self):
+
+        try:
+            sys.stdout = File()
+            print "some text"
+        finally:
+            sys.stdout = save_stdout
+
+
 def test_main():
     # Historically, these tests have been sloppy about removing TESTFN.
     # So get rid of it no matter what.
     try:
         run_unittest(AutoFileTests, OtherFileTests, FileSubclassTests,
-            FileThreadingTests)
+            FileThreadingTests, StdoutTests)
     finally:
         if os.path.exists(TESTFN):
             os.unlink(TESTFN)