Photoassociation (PA) spectrum in the presence of a magnetic Feshbach resonance is analyzed. Nonperturbative solution of the problem yields analytical expressions for PA linewidth and shift which are applicable for arbitrary PA laser intensity and magnetic field tuning of Feshbach Resonance. We show that by tuning magnetic field close to Fano minimum, it is possible to suppress power broadening at increased laser intensities. This occurs due to quantum interference of PA transitions from

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... rbed and perturbed continuum. Line narrowing at high laser intensities is accompanied by large spectral shifts. We briefly discuss important consequences of line narrowing in cold collisions.