Mix together cereal and popcorn in a large microwave friendly bowl and set aside
Lightly grease 2 cookie sheets and set aside
Mix together brown sugar, butter and corn syrup in a microwave friendly bowl
place mixture in microwave 1 minute on high
take it out and stir
place mixture in microwave another minute on high
take it out and stir
Repeat one more minute in microwave if needed, when finished the ingredients should stir into a smooth mix.
stir in baking soda
pour over cereal and popcorn
stir well
place in microwave on high one minute
take out and stir
place in microwave on high one more minute
take out and stir
place in microwave on high one last minute
take out and stir
stir in peanuts
pour mixture out onto two lightly greased cookie sheets
allow to cool
break up mixture and place in bowl
mix in M&M's