Heat oven to 425 degrees F. Spray small rimmed baking sheet with cooking spray. Heat oil in large wide skillet over medium-high heat until hot. Add beef and cook 4 to 6 minutes or until browned on all sides, reducing heat to medium if necessary. Place beef on baking sheet; season beef with salt and pepper. Reserve skillet.
Bake 20 to 25 minutes or until internal thermometer reaches 132 to 135 degrees F. for medium-rare. Let stand loosely covered 10 minutes before slicing. Slice and place on a platter.
Meanwhile, add 1 tablespoon of the butter to reserved skillet and melt over medium heat. Add shallots and cook 1 minute. Add garlic and cook 20 seconds. Add wine and increase heat to high. Add cranberry juice blend, beef broth and thyme and boil 10 to 15 minutes or until slightly thickened. Reduce heat to medium and whisk in remaining 2 tablespoons butter; strain. Spoon over beef before serving.