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 magn
etic excitation spectrum in colossal magnetoresistance compounds. The theor
y is based on the modulation of magnetic exchange bonds by the orbital degr
ee of freedom of double-degenerate e(g) electrons. The model considered is
an orbitally degenerate double-exchange system coupled to Jahn-Teller activ
e phonons which we treat in the limit of strong on-site repulsions. Charge
and coupled orbital-lattice fluctuations are identified as the main origin
of the unusual softening of the magnetic spectrum.