PLease refer Husain comments below
"Please see these docs.
OLM Content Import Erroring with java.lang.outofmemoryerror for Large Files [ID 368479.1]
When Importing And/Or Uploading Large Upk-Type Files Fail to Unzip [ID 735653.1]
Out Of Memory Errors While Uploading Large Content [ID 1130960.1]
Utilizing Content Servers with Oracle Learning Management [ID 374677.1]
apart from the above what I would normally is, while zipping the file I would exclude heavy content file and upload the file.
after uploading file, just go and paste excluded file in respective folder.