Preheat oven to 350 ºF. Grease and flour two 8 1/2 x 4 1/2-inch loaf pans.
Stir together cranberries, walnuts and granulated sugar in large bowl; set aside.
Combine cake mix, milk and cream cheese in large bowl. Beat at medium speed with electric mixer for 2 minutes. Add eggs, 1 at a time, beating for 2 minutes. Fold in cranberry mixture. Pour into prepared pans.
Bake 45 to 50 minutes or until toothpick inserted in centers comes out clean. Cool in pans 15 minutes. Loosen loaves from pans. Invert onto cooling rack. Turn right side up. Cool completely. Dust with confectioners' sugar or drizzle with icing.