How do I compress a mpeg2 video file in Premiere CS5.5?

Hi there,
I need to compress a mpeg2 video file from a little over 4GB to be less than 2GB in Premiere CS 5.5, is this possible using media encoder?
If so, what are the steps?
Thanks in advance for your help!
Elio

If you can tell us your intentions it will be easier to suggest a solution. What is the intended purpose of this new file? If for computer viewing, then outputting at 720x480 might be an issue since most players are going to show that file as 4:3 rather than the intended 16:9, since it would be "anamorphic widescreen".
You might need to export at 854x480 using square pixels (1.0 PAR) to get proper display on playback. But again, tell us your goals and we can narrow the suggestions
Thanks
Jeff Pulera
Safe Harbor Computers

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