  In metallic manganites with low Curie temperatures, a peculiar softening of
the magnon spectrum close to the magnetic zone boundary has experimentally been
observed. Here we present a theory of the renormalization of the magnetic
excitation spectrum in colossal magnetoresistance compounds. The theory is
based on the modulation of magnetic exchange bonds by the orbital degree of
freedom of double-degenerate e_g electrons. The model considered is an
orbitally degenerate double-exchange system coupled to Jahn-Teller active
phonons which we treat in the limit of strong onsite repulsions. Charge and
coupled orbital-lattice fluctuations are identified as the main origin of the
unusual softening of the magnetic spectrum.
