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1. Preheat the oven to 325 degree F. In a small saucepan melt butter. Remove from heat. Stir in corn syrup and molasses.
2. In a 13x9x2-inch baking pan drizzle molasses-syrup mixture over popcorn, tossing to coat.
3. Bake in the 325 degree F oven about 15 minutes, stirring twice. Transfer mixture to a serving bowl. Stir in peanuts. Cool. Store in a tightly covered container at room temperature up to 1 week.
