find ./ -name '*.ext' -exec sed -i '%s/old/new/g' {} ;
find ./ -name '*.ext' | xargs sed -i '%s/old/new/g'
sed ':a;N;$!ba;s/\n/ /g' file
:a create a label 'a'
N append the next line to the pattern space
$! if not the last line, ba branch (go to) label 'a'
s substitute, /\n/ regex for new line, / / by a space, /g global match (as many times as it can)
:%s/old/new/g