How can I compress a dvd rip file?

Ok, so I just borrowed a movie from a friend and he let me rip it onto my comp. I am trying to burn a disc for myself, but I only have 4700 MB discs. I tried to burn it, but my movie is 8356 MB. Some guy at bestbuy told me about compressing my movie so it can fit on my discs. How can I do this?
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