[Python] Get Python string value as printed by "print()"

Suppose I have a string as follows (after parsing some stdout):

>>> mystr
'--More-- \r \rSerial-Number: 12345'


I notice that print() function automatically processes the \r characters, essentially getting rid of the entire "--More--" part, like this:

>>> print(mystr)
Serial-Number: 12345


How can I achieve the same result in a variable? In other words, I'd like to get a string variable newStr, so that:

>>> newStr
Serial-Number: 12345

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