For meatballs: Combine beef, breadcrumbs, seasoned salt, garlic powder, pepper, egg and milk; mixing well. Shape into 2- inch meatballs. Spray large nonstick skillet with cooking spray. Brown meatballs in skillet, about 3 minutes turning frequently to cook evenly. Drain; reserve drippings in skillet.
For gravy: Add cornstarch, salt and pepper to drippings; mix well. Gradually add broth, stirring until smooth. Add red wine and stir well. Add reserved meatballs to gravy; cover and simmer 5 to 6 minutes to heat thoroughly.
Yield: 12 meatballs