In large microwavable bowl, mix cereals and peanuts.
In 2-cup microwavable measuring cup, microwave butter and honey uncovered on High 1 to 2 minutes, stirring every 30 seconds, until mixture comes to a full boil and butter is melted.
Pour over cereal mixture, stirring until evenly coated.
Microwave uncovered on High 2 to 4 minutes, stirring every minute, until mixture is well coated and looks glazed.
Spread on waxed paper or foil to cool. Place in serving bowl; stir in candies. (I disregarded this part of the recipe and just stirred it all together in the large bowl. It's just easier that way!