FFMPEG

Downcode to x264 1080p (copy audio and subtitles)

ffmpeg -i input.wmv \
       -c:v libx264 -preset veryslow -tune film -crf 22 -vf scale=-2:1080 \
       -c:a copy -c:s copy \
       output.mp4

Transcode audio: -c:a libfdk_aac -b:a 128k

-tune parameter: https://superuser.com/a/564404/229283