You may be interested in Lossy Zip [1]. It's coming up on 22 years old, as of April 1st.

Admittedly, it's somewhat unclear why the format didn't take off. At its core, it uses the Lessis-Moore algorithm to perform a global bit-wise sort of its inputs, then performs a run-length encoding (plus some other magic) on the results to achieve up to 100% compression.

[1] http://web.archive.org/web/20050402203136/http://lzip.source...