Mix together wine, shallots, thyme and pepper. Place elk medallions in a sealable bag. Pour in wine mixture and let elk marinate, about 2 hours.
Remove medallions from marinade and set marinade aside. Pat medallions dry. Add butter and oil to pan and cook over medium-high heat, 3 to 5 min. per side. Remove from pan, cover and let rest.
Pour marinade into skillet and cook over high heat until reduced by half. Add stock and cranberries,?and reduce again by half. Add cream and cook until sauce thickens slightly. Drizzle sauce over medallions to serve. Season with salt and pepper.
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