To prepare chicken, heat a large nonstick skillet over medium-high heat. Combine paprika, thyme, salt, and pepper; rub evenly over chicken. Lightly coat pan with cooking spray. Add the chicken to pan; cook 4 minutes on each side or until done.
To prepare sauce, combine port and broth in a small saucepan; bring to a boil. Reduce heat; simmer 3 minutes or until reduced to 1/4 cup. Remove from heat; stir in butter until melted. Spoon sauce over chicken, and sprinkle with cheese.