[CHANGED]: Reference the same application icon(Resources\$this.Icon.ico) in all the .resx files instead of embedding it into each resource file.
This will make the resource files less "heavy"(they were 6 MB each before).
Unfortunately i didn't found a way to reduce the size of the executable. Since the icon is almost five MB, it is embedded anyway multiple time in the executable.
I have removed the icons with a size greater than 96x96 to mitigate the problem.
The old icon can still be restored by copying the MediaNew.ico over the Resources\$this.Icon.ico file.