Place butter and olive oil in a small saucepan over medium-low heat until butter melts and starts to simmer.
Add garlic, then cook while stirring for 1–2 minutes, until garlic is softened. Add thyme and basil. Stir. Remove from heat and set aside.
Prepare popcorn and place in a large mixing bowl. Drizzle butter mixture over popcorn. Stir and toss to coat. Add Parmesan cheese and toss until well distributed. Serve immediately.