Spread popcorn and peanuts on parchment paper-lined cookie sheet.
In disposable decorating bag, melt candy in microwave at 50 percent power for one minute; remove bag and knead. Continue melting candy for 30-second intervals at 50 percent power until completely melted. Snip off end of bag and drizzle melted candy over popcorn. Immediately top with sprinkles. Let stand until candy has hardened, about 20 minutes.