This came in a recent update.
You can create Favorite groups from your Favorites menu.

Open LiveTV channels.
Press the OK button to bring up the side-bar EPG.
Press your Left Arrow button and then the Yellow button for Favorites menu..

LiveTV > OK > Left Arrow > Yellow

You can do this in VOD or TV Series selections as well.
I do not know yet at how many groups can be added.

To access these newly added fav channels which you have put into your new groups you've created...
Open LiveTV then the OK button to bring up that side-bar EPG again.
Press the Left Arrow button on RCU to bring up Categories List.
These Categories will be the original list of Groups which were supplied from the iptv service, but will also include your newly created Fav Groups.

Your newly created Groups will be shown at the top of the Category list and in order you have added them. What I have done even thou my new groups are seen at the top of the list, I have added a number 1. and 2. and 3. and etc, to the new group's title. That way I can spot the new Fav groups in an instant.

Example shown below at what my Category List looks like, (with the new Favs Groups shown including the number and originals not including the number.).
I have only added 3 new Groups so far.

Categories:
All channels
1. Sports
2. Entertainment
3. Discovery/Documentary
Pay Per View Movies
Pay Per View Sports
News & Business
Premium Cinema
and etc, etc...

Highlight one of your new groups and then them channels will appear listed to the right.
Use the Right Arrow button to access these channels (as long as you've highlighted a selection).

LiveTV > OK > Left Arrow > Highlight Fav Group > Right Arrow > scroll to desire channel

Thnx to NBS & big mac for pointing this out to me.
A nice little addition to the Buzz 5 app