I have a 4:20 video of football highlights that I need to compress after rendering with After Effects. My file size is 30GB and I need to compress this while keeping my quality. I work for a small local TV station but have to do my editing and rendering with my programs at home.
If you are asking about the format you need to answer this question:
What is the compressed final output for?
If you need to be able to broadcast the show, ask for the specs from the tv station.
For BlueRay playback use a BlueRAy format... and so on.
As far as what software, Adobe Media Encoder is a good option. You can either compress the final render, or open up in Encoder the AE project, choose the comp you want to render and choose then a compression setting. It will take a while, but you'll get good results.
Then ask the tv station to provide you with the specs for their broadcast standard. I have delivered products for HD broadcast in a variety of formats- MPEG2, H264 and even uncompressed .avi (that station liked to do their own encoding), so there's really no universal standard, but whatever the specific workflow of the tv station needs.