Human emotion is a complex phenomenon conveyed and perceived through facial expressions, vocal tones, body language, and physiological signals. Multimodal emotion recognition systems can perform well because they can learn complementary and redundant semantic information from diverse sensors. In real-world scenarios, only a subset of the modalities employed for training may be available at test time. Learning privileged information allows a model to exploit data from additional modalities that are only available during training. SOTA methods for PKD have been proposed to distill information from a teacher model (with privileged modalities) to a student model (without privileged modalities). However, such PKD methods utilize point-to-point matching and do not explicitly capture the relational information. Recently, methods have been proposed to distill the structural information. However, PKD methods based on structural similarity are primarily confined to learning from a single joint teacher representation, which limits their robustness, accuracy, and ability to learn from diverse multimodal sources. In this paper, a multi-teacher PKD (MT-PKDOT) method with self-distillation is introduced to align diverse teacher representations before distilling them to the student. MT-PKDOT employs a structural similarity KD mechanism based on a regularized optimal transport (OT) for distillation. The proposed MT-PKDOT method was validated on the Affwild2 and Biovid datasets. Results indicate that our proposed method can outperform SOTA PKD methods. It improves the visual-only baseline on Biovid data by 5.5%. On the Affwild2 dataset, the proposed method improves 3% and 5% over the visual-only baseline for valence and arousal respectively. Allowing the student to learn from multiple diverse sources is shown to increase the accuracy and implicitly avoids negative transfer to the student model.