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Combine the wine, broth, shallots, and thyme in a nonreactive saucepan. Bring to a boil over high heat. Reduce the heat and simmer for 45 minutes to 1 hour until reduced to about 1 1/2 cups. The sauce should have a thick, syrupy consistency. (The sauce may be made up to one day ahead at this point. Reheat before proceeding.)
Remove the sauce from the heat and whisk in the butter. Season with salt and pepper. Serve immediately.