"print >>" is a syntax to extend the standard 'print' statement so that it can be used to print to any file-like object, instead of the default sys.stdout. So it can be used to print directly to files.
For example, you open a file called my_file, then you can write to it using:
>>> my_file =open("my_file") >>> print >>my_file, "Hello World"
This will write "HelloWorld" to my_file. It can also be used with other file like objects.