Yes, there is an O(K) algorithm due to Frederickson and Johnson.
Greg N. Frederickson and Donald B. Johnson. Generalized Selection and Ranking: Sorted Matrices. SIAM J. Comput. 13, pp. 14-30. http://epubs.siam.org/sicomp/resource/1/smjcat/v13/i1/p14_s1?isAuthorized=no
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