Combine cherries, 1/4 cup port, and juice in a small bowl. Let stand for 30 minutes for the cherries to absorb most of the liquid.
Coat beef with cooking spray; sprinkle with salt and pepper. Broil 6 inches from heat for 15 minutes. Reduce heat to 375 and bake for 30 minutes or until meat thermometer reads 145 degrees. Let stand 10 minutes before slicing.
Heat oil in pan over medium-high heat. Add shallot and garlic; saute 1 1/2 minutes. Stir in cherry mixture, 3/4 cup port, broth, and thyme. Bring to a boil; cook 10 minutes or until reduced to 1/2 cup. Pour over steaks. Serve immediately.