Preheat oven to 250º. Bake in ungreased large roasting pan.
Remove and discard any unpopped kernels from popped popcorn.
In ungreased large roasting pan, mix popcorn, cereal and nuts; set aside.
In 1-1/2 qt. saucepan, heat butter, brown sugar and corn syrup to boiling over medium heat, stirring frequently.
Pour over cereal mixture, stirring until evenly coated.
Bake in 250º oven for 1 hour, stirring every 15 minutes.
Spread on waxed paper or foil to cool, about 15 minutes, stirring occasionally to break up.
In 1 qt. saucepan, heat baking chips over low heat, stirring frequently, until melted and smooth.
Add 3 c. of the cooled cereal mixture to melted chips; toss gently until evenly coated.
Spread on waxed paper for foil; cool about 30 minutes or until set.
In serving bowl, mix both cereal mixtures and cranberries. Store in airtight container.
Special Touch: Look for holiday decorated cellophane bags in craft or paper goods stores. Fill with this extra-special mix and tie with festive ribbons for a welcome holiday gift.