Combine cherries, 1/4 cup port, and juice in a small bowl. Let stand 30 minutes for cherries to absorb most of the liquid.
Coat steaks with cooking spray; sprinkle with salt and pepper. Cook steaks in a large nonstick skillet over medium heat 5 minutes on each side or until desired degree of doneness. Remove steaks; keep warm.
Heat oil in pan over medium-high heat. Add shallot and garlic; sauté 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 sauce over steaks. Serve immediately.