В версии GNU sed вы можете использовать команду r (чтение) для чтения и вставки содержимого файла непосредственно на заданный адрес строки
r filename
As a GNU extension, this command accepts two addresses.
Queue the contents of filename to be read and inserted into the output stream
at the end of the current cycle, or when the next input line is read. Note that
if filename cannot be read, it is treated as if it were an empty file, without
any error indication.
As a GNU sed extension, the special value /dev/stdin is supported for the file
name, which reads the contents of the standard input.
Например
$ sed '1r content.txt' example.txt
REAL_FIRST_LINE
first_line
second_line
REAL_SECOND_LINE