I have a text file with the following format. The first line is the \"KEY\" and the second line is the \"VALUE\".
KEY 4048:1736 string 3 KEY 0:1772 string 1
Although it seems the previous solutions would work, if a single anomaly occurs in the document the output would go to pieces. Below is a bit safer.
sed -n '/KEY/{ N s/\n/ /p }' somefile.txt